By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures were a pinch higher at mid-session Thursday, as the larger gains from earlier in the session faded.
A broker said support from the Chicago soy complex got things “out of the gate this morning.”
He added the funds were buying to start the day, but “it looks like they’re done, and we are drifting down.”
Increases in Chicago have pulled back but were still lending support to canola. Malaysian palm oil remained strong, while most European rapeseed contracts were slightly higher. Crude oil prices remained on the rise, with spillover coming to the oilseeds.
The Canadian dollar was lower late Thursday morning with the loonie dropping to 73.91 U.S. cents compared to Wednesday’s close of 74.23.
Approximately 29,900 canola contracts were traded as of 10:30 CDT, with prices in Canadian dollars per metric tonne:
Price Change Canola May 625.40 up 0.40 Jul 635.20 up 0.40 Nov 643.30 up 0.50 Jan 651.60 up 1.20
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