By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures edged higher on Thursday morning, as pressure from comparable oils was attempting to stymie the oilseed’s recent progress.
Although the United States markets are closed for Independence Day, yesterday’s sharp gains in Chicago soyoil were still being felt in canola. There were declines in European rapeseed and Malaysian palm oil but supplies for both this year are expected to be lower. Crude oil prices were down modestly and weighing on oilseed values.
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The weather outlook for the Prairies has projected warmer temperatures starting next week with the region to get less rain, especially for Alberta. But some consternation in the trade continued to loom as excessive rains have delayed a good portion of the crops.
November canola was closing in on its 50-day moving average, while being ahead its 20 and 100-day averages. However, it was still somewhat behind its 200-day average.
Canola crush margins increased with the November positions either side of C$146 per tonne above the futures.
The Canadian dollar was higher on Thursday morning, with the loonie at 73.43 U.S. cents compared to Wednesday’s close of 73.33.
Approximately 15,950 contracts had traded by 8:36 CDT and prices in Canadian dollars per metric tonne were:
Price Change Canola Nov 655.40 up 2.70 Jan 665.00 up 2.50 Mar 671.50 up 3.20 May 673.70 up 1.50
