By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures were stronger on Thursday morning, with the November contract within striking distance of its resistance level of C$650 per tonne.
While there were upticks in Chicago soyoil, soybeans were lower, and soymeal was mixed. Additional support for canola came from upticks in European rapeseed and slight increases in Malaysian palm oil. Global crude oil prices eased back which weighed on vegetable oil values.
An analyst commented that the early-seeded canola on the Prairies was in good shape, but anything planted late was in poor shape due to the ample rains throughout the region. That said, the analyst stated that a harvest of about 20 million tonnes is possible.
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The November canola contract remained above its 20-day moving average and moved to its other major averages.
Canola crush margins fell hard with the November positions losing about C$20 at C$111 to C$118/tonne above the futures.
The Canadian dollar was virtually unchanged on Thursday morning with the loonie at 73.08 U.S. cents.
Approximately 10,600 contracts had traded by 8:37 CDT and prices in Canadian dollars per metric tonne were:
Price Change Canola Nov 643.90 up 12.40 Jan 650.70 up 12.80 Mar 655.80 up 12.50 May 660.20 up 12.60
