WINNIPEG – Intercontinental Exchange (ICE) canola futures were weaker on Thursday morning, caught up in the declines in comparable oils.
There were significant losses in the Chicago soy complex, as well as in European rapeseed and Malaysian palm oil.
Despite another round of Russian missile attacks on Ukraine, global tensions were said to be easing. That weighed on crude oil prices, which in turn put pressure on vegetable oils.
While canola crush margins have been coming down during the course of the last week, they remain considerably strong.
As the United States dollar regained strength, the Canadian dollar was weaker on Thursday morning. The loonie fell back to 74.66 U.S. cents compared to Wednesday’s close of 75.13.
About 5,850 contracts had traded as of 8:36 CST.
Prices in Canadian dollars per metric tonne at 8:36 CST:
Price Change Canola Jan 871.00 dn 11.40 Mar 857.80 dn 14.10 May 859.20 dn 13.90 Jul 861.30 dn 13.50
