By Glen Hallick, MarketsFarm
WINNIPEG, Nov. 25 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were either side of steady on Wednesday morning, a trading becomes choppy ahead of tomorrow’s Thanksgiving holiday in the United States.
Support was coming from gains in the Chicago soyoil, Malaysian palm oil and European rapeseed.
Increases in global crude oil prices have continued to be supportive of oilseed futures, including canola. The markets in general have been riding a wave of optimism towards a coronavirus vaccine.
Strong crush margins are generating large amounts of canola being sent to the crushers. At the current pace, about 2.55 million tonnes of canola could be crushed in Canada during 2020/21.
The Canadian dollar was pushing higher with the loonie at 76.84 U.S. cents, compared to Tuesday’s close of 76.73.
About 1,400 canola contracts had traded as of 8:42 CST.
Prices in Canadian dollars per metric tonne at 8:42 CST:
Canola Jan 577.10 up 0.30
Mar 573.50 dn 0.30
May 570.90 dn 0.70
Jul 565.90 up 1.70
Futures Prices as of November 25, 2020
Prices are in Canadian dollars per metric ton