By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures were lower on Thursday morning, due to pressure from losses in the Chicago soy complex and European rapeseed. The declines in canola were tempered by increases in global crude oil prices.
Canola crush margins remained relatively firm, with the old crop positions still more than C$170 per tonne above the futures.
The soybean harvest in Brazil and a large crop set to come out of Argentina in the coming months put pressure on the world oilseed market, including canola.
The Canadian dollar eased back Thursday morning with the loonie at 74.05 U.S. cents compared to Wednesday’s close of 74.16.
Approximately 5,750 contracts had traded by 8:35 CST and prices in Canadian dollars per metric tonne were:
Price Change Canola Mar 631.30 dn 3.00 May 636.00 dn 3.10 Jul 639.40 dn 3.30 Nov 638.30 dn 2.30
