By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures pushed higher at midsession Thursday, catching spillover from gains in Chicago soybeans and soymeal.
A trader said soybeans are stronger today because of the increases in soymeal, which was up due to improved demand.
As soyoil eased back, there were small upticks in Malaysian palm oil while European rapeseed turned mixed. Slight declines in crude oil put a little bit of pressure on the oilseeds.
The trader also noted that the canola market was “kind of in neutral” being unsure at this time as to what direction to take. He said that will become clearer once there are solid yield numbers to work with.
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“If we lost two million tonnes of canola, the market could handle that. If we lose three million, then it’s going to get pretty tight. Nobody is sure to where to put a number right now, because of the variability of conditions across the Prairies,” he stated.
The Canadian dollar was lower by late Thursday morning, with the loonie at 72.38 U.S. cents compared to Wednesday’s close of 72.50.
Approximately 31,300 canola contracts were traded as of 10:29 am CDT, with prices in Canadian dollars per metric tonne:
Price Change Canola Nov 673.30 up 2.70 Jan 678.50 up 3.40 Mar 681.90 up 4.00 May 682.10 up 6.10
