ICE canola continues to trade lower

WINNIPEG – The ICE Futures canola market was trading lower on Thursday despite gains in the vegetable oil markets.

Most Malaysian palm oil contracts traded higher, but European rapeseed was mixed. There is no trading on the Chicago Board of Trade (CBOT) on Thursday due to the Thanksgiving Day holiday.

Crude oil continued its decline, albeit a slight one, as China marks a record number of new COVID-19 cases while the European Union continues to determine a price cap on Russian crude oil.

The Canadian dollar was higher by more than a quarter of a United States cent.

About 4,200 canola contracts were traded as of 8:39 CST.

Prices in Canadian dollar per metric ton as of 8:39 CST:

Jan.  821.30  dn  7.80

Mar.  815.10  dn  8.00

May   818.50  dn  8.10

Jul.  823.30  dn  8.40