ICE Canada Morning Comment: Canola climbing higher
November well above its 200-day moving average
By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures continued to push upward on Thursday morning, getting support from comparable oils.
There were increases in the Chicago soy complex, as well as European rapeseed and Malaysian palm oil. Moderate gains in crude oil spilled over into the oilseeds.
The new crop November contract remained above its 200-day moving average.
Canola crush margins bumped up with the November positions between C$122 to C$127 per tonne above the futures.
While most of the Prairies are expected to be precipitation free on Thursday, parts of southern Manitoba have been forecast to receive heavy rain.
The Canadian dollar inched up on Thursday morning, with the loonie at 73.20 U.S. cents compared to Wednesday’s close of 73.13.
Approximately 7,850 contracts had traded by 8:32 CDT and prices in Canadian dollars per metric tonne were:
Price Change Canola Jul 672.40 up 6.80 Nov 694.00 up 6.20 Jan 701.70 up 6.10 Mar 708.50 up 5.90
