By Glen Hallick
Glacier Farm Media MarketsFarm – There were small gains in Intercontinental Exchange canola futures at mid-session Thursday, despite lower prices for most comparable oils.
While there were increases in European rapeseed, the Chicago soy complex and Malaysian palm oil were to the downside. Small losses in global crude oil prices added pressure on to the oilseeds.
An analyst commented canola has had some trouble closing, at time unable to hang on to increases.
Prairie temperatures were chilly for mid-April, with precipitation for much of the eastern half while a system is forecast to move into the western half early next week. However, concerns about dryness across the region lingered in the background.
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The July canola contract was below its 20-day moving average but slightly ahead of its 50-day average.
Old crop canola crush margins nudged up, with them between C$162 to C$168 per tonne above the futures. The new crop November positions inched up to C$152 to C$157 per tonne.
The Canadian dollar climbed almost a quarter cent by late Thursday morning, with the loonie at 72.73 U.S. cents compared to Wednesday’s close of 72.50.
Approximately 43,450 canola contracts were traded as of 10:31 CDT, with prices in Canadian dollars per metric tonne:
Price Change Canola May 613.40 up 1.80 Jul 627.30 up 3.50 Nov 640.50 up 2.30 Jan 648.40 up 1.90
