WINNIPEG – The ICE Futures canola market rallied on Thursday morning despite mixed sentiment in comparable oils.
Chicago soyoil was higher, but European rapeseed was mixed and Malaysian palm oil was mostly lower.
The United States Department of Agriculture (USDA) will release both its monthly supply/demand estimates as well as its quarterly grain stocks report later today.
An upswing in crude oil prices continued on Thursday morning after recent purchases by China. There was also a 0.1 per cent decline in consumer prices in the United States during the month of December, according to a report released earlier today by the U.S. Labor Department.
The Canadian dollar was up more than one-quarter of a U.S. cent compared to Wednesday’s close.
Prices in Canadian dollars per metric ton as of 8:39 CST:
Mar. 839.90 up 8.10
May 837.50 up 9.50
Jul. 837.50 up 8.60
Nov. 809.90 up 7.10