By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures were higher on Wednesday morning despite a lack of support from comparable oils.
Global crude oil prices were slightly lower which weighed on oilseed values. There were declines in Malaysian palm oil, European rapeseed and Chicago soyoil. Meanwhile, Chicago soybeans were relatively steady and there were small gains in soymeal.
Canola remained above its 20-day and 100-day moving averages.
Crush margins receded further with the old crop positions between C$141 to C$147 per tonne above the futures, with the new crop November positions at C$132 to C$136.
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Daytime temperatures on the Prairies are set to climb into the high teens to low 20 degrees Celsius.
The Canadian dollar fell back on Wednesday morning, with the loonie slipping to 72.98 U.S. cents compared to Tuesday’s close of 73.14.
The last trading day for May options is April 26 and the first notice day will be April 30.
Approximately 9,100 contracts had traded by 8:40 CDT and prices in Canadian dollars per metric tonne were:
Price Change Canola May 640.20 up 5.80 Jul 651.40 up 5.20 Nov 662.40 up 3.50 Jan 670.00 up 3.30
