By Glen Hallick
Glacier Farm Media | MarketsFarm – Intercontinental Exchange canola futures were higher late Wednesday morning in an attempt to stabilize after a series of sharp losses.
“Canola is staging a bit of a rally,” an analyst said, noting the markets were positioning ahead of tomorrow’s supply and demand report from the United States Department of Agriculture.
The analyst also said there’s some rain in the Prairie forecast, but there are parts of the region that remain very dry.
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Tight canola supplies and concerns over the new crop continued to linger in the background.
Pressure on the Canadian oilseed came from losses in Chicago soybeans and soyoil, along with Malaysian palm oil. European rapeseed was posting small increases. A downturn in crude oil weighed on the vegetable oils.
The Canadian dollar was relatively steady at mid-session Thursday, with the loonie at 73.07 U.S. cents compared to Wednesday’s close of 73.03.
Approximately 20,700 canola contracts were traded as of 10:29 am CDT, with prices in Canadian dollars per metric tonne:
Price Change Canola Nov 683.10 up 2.10 Jan 691.60 up 2.40 Mar 698.40 up 2.60 May 704.00 up 2.60
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/
