By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola were mostly higher at midday Thursday, adding to the gains made yesterday.
“This might be some fund liquidation of their shorts,” an analyst suggested.
He also noted the equities markets were on the rise, pulling the futures markets along, including ICE canola.
There were upticks in Chicago soyoil, while soybeans were steady to higher, and soymeal slipped back. There were gains as well in European rapeseed, but Malaysian palm oil was slightly lower. Declines in global crude oil prices weighed on vegetable oil values.
The Canadian dollar was a pinch higher at mid-Thursday morning with the loonie at 75.80 U.S cents, compared to Wednesday’s close of 75.73.
Approximately 14,600 canola contracts were traded as of 10:13 CST, with prices in Canadian dollars per metric tonne:
Price Change Canola Jan 660.10 dn 0.60 Mar 672.00 up 2.80 May 678.60 up 1.80 Jul 683.60 up 1.30
