By Glen Hallick, MarketsFarm
WINNIPEG, March 23 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were narrowly mixed on Thursday morning, giving up overnight gains.
Pressure on canola came from declines in the Chicago soy complex and Malaysian palm oil, while upticks in European rapeseed offered support. Global crude oil prices were a pinch higher, providing a small measure of spillover into vegetable oils.
Although crush margins eased back, they remain very wide which underpins canola values.
Concerns over a recession have fueled the largest short position in the canola market in three years.
The Canadian dollar was higher with the loonie at 73.21 U.S. cents compared to Wednesday’s close of 72.93.
About 8,900 contracts had traded as of 8:39 CDT.
Prices in Canadian dollars per metric tonne at 8:39 CDT:
Price Change Canola May 721.30 up 1.30 Jul 705.50 dn 0.20 Nov 683.40 up 0.30 Jan 686.30 dn 0.60
