ICE Canada Morning Comment: More increases for canola
Spillover coming from Chicago
By Glen Hallick
Glacier Farm Media MarketsFarm – Canola futures on the Intercontinental Exchange were experiencing modest upticks on Wednesday morning, compared to yesterday’s sharp gains.
Support came from increases in the Chicago soy complex, but slight losses in European rapeseed and Malaysian palm oil limited the upside. Small gains in crude oil spilled over into the vegetable oils.
The November contract was ahead of its 20 and 100-day moving averages, but behind its 50 and 200-day averages.
Canola crush margins climbed upward with the November positions at C$134 to C$137 per tonne above the futures.
With the United States markets closed tomorrow for Independence Day activity in canola could be somewhat muted until next week.
The Canadian dollar was on the rise Wednesday morning, with the loonie at 73.29 U.S. cents compared to Tuesday’s close of 73.01.
Approximately 20,750 contracts had traded by 8:35 CDT and prices in Canadian dollars per metric tonne were:
Price Change Canola Nov 654.50 up 3.40 Jan 662.60 up 4.20 Mar 668.20 up 3.90 May 672.10 up 4.00
