By Glen Hallick, MarketsFarm
WINNIPEG, Nov. 30 (MarketsFarm) – Intercontinental Exchange canola futures were mostly higher on Thursday morning, with increases in the more heavily traded front months and small declines in the deferred positions.
As Chicago soyoil and Malaysian palm oil chalked up gains, European rapeseed was mixed. As well, there were dips in Chicago soybeans and soymeal. Global crude oil prices were rising and lending support to vegetable oils.
Traders continued to vie for positions ahead of Monday’s production report from Statistics Canada. The farmer survey-based report is expected to see canola production for this year rise from the 17.37 million tonnes StatCan estimated in September to the average trade guess of 18.30 million.
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StatCan also reported the country’s gross domestic product was down 1.1 per cent in the third quarter of this year.
Canola crush margins held firm with the nearby January and March positions in excess of C$200 per tonne above the futures.
The Canadian dollar was a pinch lower on Thursday morning as the loonie eased back to 73.52 U.S. cents compared to Wednesday’s close of 73.58.
About 7,600 contracts had traded as of 8:38 CST.
Prices in Canadian dollars per metric tonne at 8:38 CST:
Price Change Canola Jan 704.70 up 2.40 Mar 708.80 up 2.10 May 714.00 up 1.50 Jul 718.60 up 1.20
