By Glen Hallick, MarketsFarm
WINNIPEG, April 7 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were on the rise Thursday morning, following gains in the Chicago soy complex.
There was also support coming from the nearby May contract in European rapeseed. However, the more deferred positions were lower, as were Malaysian palm oil futures.
Global crude oil prices were pushing upwards, providing support to edible oils.
Tight old crop supplies continued to underpin canola, but attention is turning towards spring planting the prospects of a much better crop in 2022/23.
Canola prices will be swayed by the positioning in the United States markets ahead of the supply and demand estimates from the U.S. Department of Agriculture tomorrow at 11 am CDT.
The Canadian dollar was lower on Thursday morning with the loonie at 79.50 U.S. cents compared to Wednesday’s close of 79.94.
About 2,700 canola contracts had traded as of 8:39 CDT.
Prices in Canadian dollars per metric tonne at 8:39 CDT:
Price Change
Canola May 1,151.60 up 11.00
Jul 1,127.20 up 13.40
Nov 1,002.50 up 8.50
Jan 1,001.70 up 7.90
