By Glen Hallick, MarketsFarm
WINNIPEG, May 26 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were higher on Thursday morning, with larger gains in most of the new crop months.
As increases in global crude oil prices were propping up veg oils, support for canola came from gains in the Chicago soy complex and European rapeseed. Meanwhile, small declines in Malaysian palm oil applied some pressure on the Canadian oilseed.
The eastern Prairies are forecast to receive some showers today, with a major system following over the weekend. Meanwhile, much of the western Prairies remained in need of precipitation.
Tight supplies and uncertainty over this year’s crop continued to underpin values.
The Canadian dollar was slightly higher on Thursday morning with the loonie at 77.98 U.S. cents, compared to Wednesday’s close of 77.90.
About 2,650 canola contracts had traded as of 8:43 CDT.
Prices in Canadian dollars per metric tonne at 8:43 CDT:
Price Change
Canola Jul 1,155.10 up 1.50
Nov 1,058.50 up 4.10
Jan 1,062.30 up 2.20
Mar 1,062.00 up 0.70
