ICE Canola Falls Midday With Vegetable Oils

WINNIPEG, Manitoba--The ICE Futures canola market took a tumble at midday on Thursday, following the lead of vegetable oils.

Chicago soyoil and European rapeseed both had major downturns, while Malaysian palm oil was also in the red. However, crude oil was struggling to find direction.

Statistics Canada (StatCan) released its first survey-based seeding intentions report for 2023-24 on Wednesday, showing that it expects Canadian canola acres to total 21.6 million, a 0.9% increase from last year.

One trader stated that Chicago soyoil and European rapeseed were both dragging down canola prices, adding that canola "cannot hold up on its own."

The Canadian dollar was up less than one-tenth of a U.S. cent compared with Wednesday's close.

Nearly 15,000 canola contracts were traded as of 10:26 a.m. CDT.

 
                 Price   Change 
Canola      May  748.40 dn  6.60 
            Jul  724.30 dn 10.60 
            Nov  697.00 dn  6.30 
            Jan  702.80 dn  6.20 
 
 

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

(END) Dow Jones Newswires

04-27-23 1157ET