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ICE Canadian canola futures eased on Thursday in lackluster, sideways trading. Differing ideas of the size and quality of the Canadian canola crop kept prices in a tight range, a trader said. Farmer selling as the harvest progresses will weigh on the market in coming weeks, offset somewhat if speculators start covering their large short positions, the trader said. November canola eased 40 cents to $447.50 per tonne in thin volumes.

Canola production looked set to reach 18.5 million tonnes, down 9% year over year, Statistics Canada said on Wednesday. 5% of canola has been swathed in Saskatchewan, the government of the Canadian province said. Chicago November soyabeans rose as traders worried about the risk of frost damage to this year's late planted US crops. Euronext November rapeseed futures edged higher and Malaysian November palm oil futures dipped. The Canadian dollar gained against its US counterpart as oil prices rose and data showed that the country's current account deficit was the lowest in the second quarter since 2008.

Copyright Reuters, 2019


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