By Glen Hallick, MarketsFarm
WINNIPEG, Nov. 10 (MarketsFarm) – Canola futures on the Intercontinental Exchange (ICE) were steady to higher on Thursday morning, as traders begin to square their positions ahead of the long weekend in Canada.
A number of markets in Canada will be closed for Remembrance Day tomorrow, including ICE canola. In the United States, the markets will be open but financial institutions will be closed for Veteran’s Day.
Upticks in Chicago soyoil and Malaysian palm oil were spilling over into canola, but European rapeseed was narrowly mixed. There are declines in Chicago soybeans and soymeal. Global crude oil prices made small advances that lent some support to vegetable oils.
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The U.S. Department of Agriculture stuck to its Canadian production estimates in yesterday’s supply and demand report. That included 19.5 million tonnes of canola and 35 million tonnes of wheat. Statistics Canada will issue its production report in December.
With weakness in the U.S. dollar, the Canadian dollar was on the rise Thursday morning. The loonie climbed to 74.74 U.S. cents, compared to Wednesday’s close of 74.18.
About 8,250 contracts had traded as of 8:40 CST.
Prices in Canadian dollars per metric tonne at 8:40 CST:
Price Change
Canola Jan 894.40 up 2.90
Mar 889.70 up 1.20
May 892.00 up 0.50
Jul 893.10 unchanged
