By Glen Hallick, MarketsFarm
WINNIPEG, July 20 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were mixed on Thursday morning, with the losses coming in the nearby November contract.
Support for canola came from upswings in Malaysian palm oil and Chicago soyoil, while European rapeseed was mixed. Tepid gains in global crude oil prices provided some support for vegetable oils.
Dry conditions across most of the Prairies have meant reduced yields come harvest are becoming more likely.
Crush margins continued to show strength, further underpinning canola values.
The Canadian dollar was slightly higher on Thursday morning, with the loonie at 76.04 U.S. cents compared to Wednesday’s close of 75.93.
About 8,000 contracts had traded as of 8:40 CDT.
Prices in Canadian dollars per metric tonne at 8:40 CDT:
Price Change Canola Nov 840.50 dn 1.20 Jan 837.50 up 1.50 Mar 829.40 up 3.80 May 816.00 up 4.80
