WINNIPEG, Manitoba--The ICE Futures canola market was in the red once again Friday despite mixed sentiment in comparable oils.
Chicago soyoil and European rapeseed were lower, while Malaysian palm oil was higher. Crude oil gained more than US$1 per barrel due to increasing tensions in the Middle East.
The Canadian dollar was up less than two-tenths of a U.S. cent compared to Thursday's close.
As canola prices reach contract lows, one analyst said China is set to increase its buying of the oilseed. But the analyst also warned that the approaching South American soybean harvest also could pull prices down.
More than 400 unionized workers at Viterra in Saskatchewan are set to go on strike Friday afternoon after failing to reach a new deal with management. The two sides met in Regina Thursday where issues including wages and work-life balance were discussed.
About 13,050 contracts have traded at 11:14 a.m. ET. Prices in Canadian dollars per metric tonne:
Canola
Price Change
Mar 624.10 dn 7.40
May 632.10 dn 7.30
Jul 628.30 dn 7.40
Nov 627.80 dn 7.20 Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
01-05-24 1146ET
