WINNIPEG – The ICE Futures canola market was on track for its 10th consecutive negative session on Thursday, despite mixed sentiment in comparable oils.
Chicago soyoil was up, while European rapeseed and Malaysian palm oil were both down. After going into freefall on Wednesday, crude oil was making small gains this morning.
One analyst said that while funds are still selling, partly due to macroeconomic pressures, farmers are now taking what they can.
“Farmers are cash-adequate. They were holding out for higher prices because they didn’t sell anything and (they were) thinking that this was going to be a rosy thing. We’ve had a bull market since 2019 and nothing lasts forever,” the trader said. “I don’t see much hope for canola unless we get to $650 (per tonne).”
The Canadian dollar was up more than one-tenth of a United States cent compared to Wednesday’s close.
Nearly 22,331 canola contracts were traded as of 10:17 CDT.
Price Change
May 743.70 dn 7.30
Jul 740.60 dn 7.00
Nov 722.20 dn 7.20
Jan 725.10 dn 8.90
