By Glen Hallick
Glacier Farm Media | MarketsFarm – Intercontinental Exchange canola futures slipped back on Thursday morning, unable to retain overnight increases.
The Prairies continue to expect rain over the weekend. Those areas that recently received precipitation are likely see their crops maintained. However, crops in dry areas will need rain very soon.
Support for canola came from gains in the Chicago soy complex, while European rapeseed was mixed and Malaysian palm oil was down slightly. Upticks in crude oil underpinned the vegetable oils.
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The November canola contract edged above its 20- and 50-day moving averages, which were 50 cents apart. The November remained handily above its 100- and 200-day moving averages.
Manitoba Agriculture reported the province’s canola ranged from fully podded in the earliest planted fields to early bolting for fields seeded later.
The Canadian dollar slipped back on Thursday morning, with the loonie at 73.39 U.S. cents compared to Wednesday’s close of 73.48.
Approximately 8,150 contracts were traded by 8:41 CDT and prices in Canadian dollars per metric tonne were:
Price Change Canola Nov 696.60 dn 1.50 Jan 706.30 dn 2.00 Mar 713.10 dn 1.80 May 719.50 up 0.10
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/
