By Glen Hallick, MarketsFarm
WINNIPEG, Nov. 9 (MarketsFarm) – Intercontinental Exchange canola futures were lower on Thursday morning, lacking sufficient support from most comparable oils.
Losses in Chicago soyoil, European rapeseed and Malaysian palm oil put pressure on the Canadian oilseed. Meanwhile Chicago soybeans were slightly lower and soymeal was mixed. Gains in global crude oil prices lent support to vegetable oils.
Canola crush margins increased, with the November-December position more than C$235 per tonne above futures.
The United States Department of Agriculture is set to publish its monthly supply and demand estimates at 11 am Central. Any notable shifts in the Chicago soy complex would likely spill over into canola.
The Canadian dollar was slightly higher on Thursday morning with the loonie at 72.57 U.S. cents compared to Wednesday’s close of 72.48.
About 7,450 contracts had traded as of 8:43 CST.
Prices in Canadian dollars per metric tonne at 8:43 CST:
Price Change Canola Jan 692.00 dn 7.30 Mar 699.60 dn 7.30 May 705.80 dn 7.00 Jul 711.00 dn 6.50
