By Glen Hallick, MarketsFarm
WINNIPEG, Nov. 8 (MarketsFarm) – Intercontinental Exchange canola futures were higher on Wednesday morning, gleaning support from most comparable oils.
There were gains in Chicago Board of Trade soybeans and soymeal, plus those in Malaysian palm oil and European rapeseed, while soyoil dipped. Modest declines in global crude oil prices applied some pressure onto the vegetable oils.
Ahead of tomorrow’s supply and demand estimates from the United States Department of Agriculture, positioning in Chicago is likely to have some effect on canola futures.
Canola crush margins were steady, with the November-December position holding in excess of C$220 per tonne above futures.
Statistics Canada reported the average cash price of canola in September ranged from a high of C$788 per tonne in Quebec to a low of C$748.45 in Manitoba.
The Canadian dollar receded on Wednesday morning with the loonie at 72.54 U.S. cents compared to Tuesday’s close of 72.67.
About 3,550 contracts had traded as of 8:35 CST.
Prices in Canadian dollars per metric tonne at 8:35 CST:
Price Change Canola Jan 706.70 up 6.10 Mar 714.80 up 6.40 May 719.00 up 6.10 Jul 723.30 up 6.40
