By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures turned lower on Thursday morning, following comparable oils to the downside.
There were declines in the Chicago soy complex, European rapeseed and Malaysian palm oil. Global crude oil prices were relatively steady, providing little direction to the oilseeds.
While canola was close to its 20-day moving average, it remained significantly more than its 50-day average.
Canola crush margins edged up a little, with the old crop positions slightly more than C$170 per tonne above the futures.
As spring planting approaches the driest areas of the Prairies are said to be southern Manitoba and the Peace River region in Alberta.
The Canadian dollar was higher on Thursday morning, with the loonie at 74.14 U.S. cents compared to Wednesday’s close of 73.87.
Approximately 10,250 contracts had traded by 8:42 CDT and prices in Canadian dollars per metric tonne were:
Price Change Canola May 629.30 dn 4.90 Jul 638.10 dn 4.80 Nov 646.60 dn 4.80 Jan 654.80 dn 3.70
