By Glen Hallick
Glacier FarmMedia | MarketsFarm – Intercontinental Exchange canola futures were higher Thursday morning, building on overnight gains.
The increases are a direct result of hikes in crude oil as the Trump administration slapped more sanctions on Russian oil, with the spillover flowing into the vegetable oils. Besides canola, that generated upswings in Chicago soybeans and soyoil as well as in Malaysian palm oil. However, MATIF rapeseed and Chicago soymeal were to the downside.
The upswing in canola has pushed the January contract above its 20-day moving average. However, the contract was still below its other technical levels.
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Canola crush margins stepped further back, with the November position losing about C$4 at a little more than C$206 per tonne above the futures.
There have been indications pointing to Canada’s canola harvest well exceeding the 20.03 million tonnes projected by Statistics Canada. An analyst said production could surpass 21 million tonnes and maybe push as high as 22 million.
The Canadian dollar was virtually unchanged on Thursday morning, with the loonie at 71.47 U.S. cents.
Approximately 11,600 contracts were traded by 8:35 CDT and prices in Canadian dollars per metric tonne were:
Price Change
Canola Nov 619.30 up 6.20
Jan 633.30 up 5.80
Mar 645.10 up 5.60
May 655.70 up 5.40
