ICE Canada Morning Comment: More advances for canola
Supportive increases from veg oils
By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures were higher on Thursday morning, building on yesterday’s gains.
Increases in the Chicago soy complex, European rapeseed and Malaysian palm oil lent support to the Canadian oilseed. Global crude oil prices were relatively steady, which provided little direction to the vegetable oils.
While the July canola contract rose above its 50-day moving average, it hovered near its 20-day and 100-day averages.
Canola crush margins pulled back, with the old crop positions less than C$140 per tonne above the futures, while the November positions fell to C$129 to C$136.
Cool temperatures continued to dominate the Prairie weather forecast, along with rain or snow, depending on the area.
The Canadian dollar was higher on Thursday morning, with the loonie at 72.95 U.S. cents compared to Wednesday’s close of 72.68.
Approximately 10,300 contracts had traded by 8:34 CDT and prices in Canadian dollars per metric tonne were:
Price Change Canola Jul 634.70 up 9.00 Nov 650.70 up 8.10 Jan 660.10 up 8.6 Mar 665.70 up 8.90
