ICE Canola Continues Downturn, Comparable Markets Mixed

WINNIPEG, Manitoba--The ICE Futures canola market continued to show weakness despite mixed sentiment in comparable oils.

European rapeseed and Malaysian palm oil were both lower Thursday.

However, strength in Chicago soyoil capped canola's losses. Crude-oil prices were up more than $1 per barrel.

The Canadian dollar was up one-quarter of a U.S. cent compared to Wednesday's close.

Weakness in European rapeseed was primarily responsible for pulling down canola prices, one analyst said.

The Agriculture Department is due to release its monthly World Agricultural Supply/Demand Estimates at noon EST.

About 14,200 contracts have traded at 11:11 a.m. EST.

Prices in Canadian dollars per metric ton:

Canola

   Contracts  Price   Change 
   Jan        693.80  dn 5.50 
   Mar        702.00  dn 5.00 
   May        708.10  dn 4.70 
   Jul        713.30  dn 4.20 
 

Source: MarketsFarm, [e-mail]

(END) Dow Jones Newswires

11-09-23 1146ET