By Glen Hallick, MarketsFarm
WINNIPEG, Jan. 7 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were lower on Thursday morning due to sharp declines in the Chicago soy complex.
European rapeseed was lower as well, while there were small gains in Malaysian palm oil.
Concerns in the market about tightening canola supplies have continued to lurk in the background.
Also, market concerns regarding possible declines in South American soybean production tempered further losses in canola.
The Canadian dollar was lower at 78.66 U.S. cents, compared to Wednesday’s close of 78.83.
About 9,700 canola contracts had traded as of 8:38 CST.
Prices in Canadian dollars per metric tonne at 8:38 CST:
Price Change
Canola Mar 648.30 dn 3.60
May 638.70 dn 3.80
Jul 626.10 dn 4.30
Nov 542.10 dn 4.30
