By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures were lower on Wednesday morning, due to declines in the Chicago soy complex.
Meanwhile, losses in canola were tempered by upticks in European rapeseed and Malaysian palm oil. Global crude oil prices were modestly higher, lending some support to vegetable oils.
Canola crush margins remained healthy with the January and March positions holding firm at more than C$190 per tonne above the futures.
The United States Department of Agriculture is scheduled to publish its monthly supply and demand estimates on Friday at 11 CST. Positioning ahead of the report is likely to spill over into canola.
The Canadian dollar was relatively steady on Wednesday morning with the loonie at 74.71 U.S. cents, compared to Tuesday’s close of 74.68.
Approximately 7,850 contracts had traded by 8:35 CST and prices in Canadian dollars per metric tonne were:
Price Change Canola Mar 619.50 dn 5.80 May 627.30 dn 5.60 Jul 633.40 dn 5.10 Nov 632.20 dn 5.10
