By Glen Hallick, MarketsFarm
WINNIPEG, June 17 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were weaker on Thursday morning, as bearish signals continued to drive down prices.
Chicago soybeans and soyoil were in steep decline while soymeal incurred minor losses. There were sharp pull backs in European rapeseed as well, but those for Malaysian palm oil were much more modest.
As cooler temperatures descend across much of the Prairies, rain is in forecast over the next few days for much of the region’s growing areas.
With the United States dollar regaining a stronger footing, there was a weaker Canadian dollar this morning. The loonie slid down to 81.18 compared to Wednesday’s close of 82.03.
As trading in the July contract winds down, the significant inversion that has highlighted canola trading for several months is becoming greatly diminished.
About 6,250 canola contracts had traded as of 8:38 CDT.
Prices in Canadian dollars per metric tonne at 8:38 CDT:
Price Change
Canola Jul 790.60 dn 23.30
Nov 671.00 dn 25.40
Jan 674.10 dn 23.80
Mar 677.20 dn 18.10
