ICE Canola Turning Lower With Chicago Soy Complex

WINNIPEG, Manitoba--The ICE Futures canola market was weaker at midday Thursday, backing away from overnight gains as losses in the Chicago soy complex spilled over to weigh on values.

European rapeseed and Malaysian palm oil futures were also weaker on the day, adding to the softer tone in canola.

Chart-based positioning was a feature amid ideas the rally earlier in May was starting to look overdone. Recent rains across much of Western Canada were another bearish influence, as dryness concerns have subsided for the time being.

The Canadian dollar was firmer at midsession, moving back above 73 U.S. cents.

An estimated 41,200 canola contracts traded as of 11:47 EDT. Prices in Canadian dollars per metric ton at 11:47 EDT:

Canola 
        Price   Change 
Jul     651.00  dn 5.70 
Nov     670.70  dn 2.70 
Jan     676.80  dn 2.10 
Mar     681.00  dn 0.90 
 

Source: Commodity News Service Canada, [e-mail]

(END) Dow Jones Newswires

05-09-24 1220ET