ICE Canada Morning Comment: Plummeting soyoil pulls down canola

Lower loonie attempts to stem further declines

By Glen Hallick, MarketsFarm

WINNIPEG, Oct. 15 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were lower on Thursday morning, due to losses in the soy complex at the Chicago Board of Trade.

In particular, soyoil fell by more than nine-tenths of a United States cent. As well, there were declines in European rapeseed and Malaysian palm oil that added to the weakness in canola.

A lower Canadian dollar provided a measure of support. The loonie was at 75.55 U.S. cents, compared to Wednesday’s close of 76.11.

About 5,000 canola contracts had traded as of 8:36 CDT.

Prices in Canadian dollars per metric tonne at 8:36 CDT:

Price Change
Canola Nov 521.70 dn 4.50
Jan 529.30 dn 4.10
Mar 535.20 dn 4.50
May 538.00 dn 3.90

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Futures Prices as of October 15, 2020

Price Change
Milling Wheat
1970-01-01 00:00
Price Change
1970-01-01 00:00
Price Change
New Barley
1970-01-01 00:00
Price Change

Prices are in Canadian dollars per metric ton



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