WINNIPEG, Manitoba--Intercontinental Exchange canola futures were pulling back at midsession on Thursday, getting pressure from comparable oils and further advances in spring planting.
"It's almost the exact inverse from yesterday," an analyst said. Until the June supply and demand report from the United States Department of Agriculture, he noted, "we're going to drift sideways or lower."
Declines in the Chicago soy complex, European rapeseed and Malaysian palm oil weighed on canola values. Small losses in global crude oil added more pressure onto the oilseeds.
The analyst said farmers across the Prairies will make good seeding progress for the remainder of the week. The weather outlook pointed to more rain coming as spring planting begins to wrap up, which would be beneficial to emerging crops.
Statistics Canada released its monthly report on producer deliveries of major grains, showing those for canola came to 1.44 million metric tons, up from 1.20 million a year ago. StatCan also issued its monthly crush report with 957,639 metric tons of canola processed last month compared to 886,489 the previous April.
The Canadian dollar pushed higher by late Thursday morning with the loonie climbing to 73.19 U.S. cents, compared to Wednesday's close of 72.99.
Approximately 18,500 canola contracts were traded as of 11:26 a.m. EDT, with prices in Canadian dollars per metric ton:
Price Change
Canola Jul 660.00 dn 11.70
Nov 682.90 dn 10.00
Jan 692.20 dn 9.00
Mar 699.40 dn 9.20
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
05-30-24 1153ET
