By Glen Hallick, MarketsFarm
WINNIPEG, Feb. 16 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were higher on Thursday morning, due to support from some vegetable oils.
While Chicago soybeans and soymeal were lower, soyoil nudged up by less than a tenth of cent. More support came from stronger gains in Malaysian palm oil and much more modest increases in European rapeseed. Global crude oil prices were narrowly mixed in choppy trading, providing little direction to veg oils.
Canola crush margins pushed upward, further underpinning values.
The Canadian dollar was lower on Thursday morning, with the loonie slipping to 74.41 U.S. cents compared to Wednesday’s close of 74.56.
The markets in Canada and the United States will be closed on Monday for their respective holidays. Trading is scheduled to resume that evening.
About 7,300 contracts had traded as of 8:36 CST.
Prices in Canadian dollars per metric tonne at 8:36 CST:
Price Change Canola Mar 827.20 up 4.10 May 820.90 up 3.80 Jul 818.70 up 3.40 Nov 797.80 up 2.10
