By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures pushed higher on Wednesday morning building on gains from the turnaround in the overnight session.
The Canadian oilseed moved further above its 20-day moving average, helping to underpin its values.
Gains in Chicago soyoil, European rapeseed and Malaysian palm oil spilled over into canola, while pressure came from losses in Chicago soybeans and soymeal. Upticks in global crude oil prices lent support to the vegetable oils.
Canola crush margins continued to slowly recede with the old crop positions between C$165 to C$167 per tonne above the futures.
Statistics Canada is schedule to publish its planted acre estimates on Mar. 11, with the trade on either side of the 22.1 million acres seeded last spring.
The Canadian dollar was slightly higher on Wednesday morning, with the loonie at 73.75 U.S. cents compared to Tuesday’s close of 73.63.
Approximately 11,850 contracts had traded by 8:37 CST and prices in Canadian dollars per metric tonne were:
Price Change Canola May 600.10 up 4.80 Jul 607.80 up 4.30 Nov 616.20 up 5.50 Jan 620.70 up 4.10
