By Glen Hallick, MarketsFarm
WINNIPEG, Jan. 16 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were steady to lower Thursday morning, as European rapeseed, Malaysian palm oil and Chicago soyoil prices continue their downward trend.
The commodity markets didn’t get any traction from yesterday’s signing of the United States/China phase one trade agreement. Most prices at the Chicago Board of Trade were down further this morning guided by skepticism towards the deal.
Despite canola remaining relatively cheap compared to other vegetable oils, export demand for canola of late has been weak and weighing on values.
The Canadian dollar was firm this morning at 76.66 U.S. cents after closing Wednesday at 76.63.
About 4,500 canola contracts had traded as of 8:41 CST.
Prices in Canadian dollars per metric ton at 8:41 CST:
Canola Mar 475.00 dn 0.80
May 484.00 dn 1.00
Jul 490.00 dn 0.40
Nov 493.60 dn 0.20
Futures Prices as of January 16, 2020
Prices are in Canadian dollars per metric ton