WINNIPEG, Manitoba-- Intercontinental Exchange canola futures were lower Thursday morning, following the other vegetable oils to the downside.
There were declines in Malaysian palm oil and European rapeseed, while Chicago soyoil was relatively steady. Losses in Chicago soybeans and soymeal added to the pressure on the veg oils, as did small decreases in global crude oil prices.
The July canola contact slipped below its 20-day and 100-day moving averages but remained above the 50-day.
Although canola crush margins edged up a little, they are down C$15 to C$20 per tonne above the futures from a week ago.
Temperatures on the Prairies are expected to be in the upper teens to low 20 degrees Celsius with rain for the region's northern areas.
The Canadian dollar was lower Thursday morning, with the loonie dipping to 72.86 U.S. cents compared with Wednesday's close of 72.94.
The last trading day for May options is Friday and the first notice day will be Tuesday.
About 9,150 contracts had traded by 9:34 a.m. ET and prices in Canadian dollars per metric tonne were:
Canola
Price Change
May 620.60 dn 6.10
Jul 634.70 dn 4.70
Nov 650.00 dn 5.20
Jan 657.80 dn 3.30 Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
04-25-24 1004ET
