By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures turned around on Thursday morning, giving up early losses to push higher.
Support came from gains in the Chicago soy complex and Malaysian palm oil, but European rapeseed was either side of steady. Upticks in global crude oil prices were lending support to vegetable oils.
Canola crush margins continued to hold firm, with the nearby positions between C$190 to C$195 per tonne above the futures.
The United States Department of Agriculture is scheduled to publish its monthly supply and demand estimates on Friday at 11 CST. Positioning ahead of the report is likely to spill over into canola.
The Canadian dollar was relatively steady on Thursday morning with the loonie at 74.78 U.S. cents, compared to Wednesday’s close of 74.73.
Approximately 6,850 contracts had traded by 8:37 CST and prices in Canadian dollars per metric tonne were:
Price Change
Canola Mar 622.70 up 3.10
May 630.80 up 3.20
Jul 636.40 up 3.20
Nov 633.90 up 2.00
