By Glen Hallick, MarketsFarm
WINNIPEG, March 24 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were higher on Thursday morning, building on gains made during the overnight session after yesterday’s pull back.
Support came from the front months of European rapeseed, Chicago soymeal, as well as tight canola supplies.
Losses in Chicago soybeans and soyoil along with declines in Malaysian palm oil and the more deferred rapeseed positions weighed on values. Small decreases in global crude oil prices put some pressure on edible oil values.
The Canadian dollar was unchanged on Thursday morning with the loonie at 79.55 U.S. cents.
About 3,300 canola contracts had traded as of 8:36 CDT.
Prices in Canadian dollars per metric tonne at 8:36 CDT:
Price Change
Canola May 1,143.50 up 6.80
Jul 1,115.20 up 7.40
Nov 949.40 up 11.40
Jan 949.50 up 11.10
