By Glen Hallick
Glacier FarmMedia – Intercontinental Exchange canola futures were higher on Thursday morning, building on gains from the overnight session and despite weakness in comparable oils.
With sharp losses in crude oil there were declines in Chicago soyoil and Malaysian palm oil, while MATIF rapeseed was steady to lower. Gains in Chicago soybeans and soymeal provided some support to canola.
Canadian Prime Minister Mark Carney will soon meet with Chinese President Xi Jinping. The canola trade continued to hang on to a measure of optimism towards some kind of positive movement on tariffs between the two countries.
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The March canola contract held close to its 50-day moving average, while keeping above its 20-day average.
Canola crush margins edged up slightly, with the March position at about C$196.50 per tonne above the futures.
The Canadian dollar was lower on Thursday morning, with the loonie at 71.89 U.S. cents, compared to Wednesday’s close of 72.06.
Approximately 37,350 contracts had traded by 8:51 CST and prices in Canadian dollars per metric tonne were:
Price Change
Canola Mar 639.50 up 11.20
May 648.00 up 10.70
Jul 653.20 up 9.50
Nov 647.10 up 6.30
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