By Glen Hallick, MarketsFarm
WINNIPEG, Aug. 15 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures pushed higher midday Tuesday, continuing to build on the gains made yesterday as prices climbed above the 200-day moving average.
Support for the Canadian oilseed came from increases in Chicago soyoil, European rapeseed and Malaysian palm oil. However, there was pressure on canola from declines in Chicago soybeans and soymeal. Meanwhile losses in global crude oil prices stymied further gains in vegetable oils.
Temperatures across the Prairies are forecast to remain quite warm over the next few days, with some parts of Alberta expected to see them climb into the mid 30 degrees Celsius. A thunderstorm is now set to make its way across the region this week, with rain for the northern growing areas.
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Canola crush margins remained very strong especially for the nearby positions, which were well in excess of C$200 per tonne above futures.
The Canadian dollar was lower at mid-Tuesday morning, as the loonie dipped to 74.21 U.S. cents compared Monday’s close of 74.29.
Approximately 12,800 canola contracts were traded as of 10:15 CDT.
Prices in Canadian dollars per metric tonne at 10:15 CDT:
Price Change Canola Nov 777.40 up 6.60 Jan 783.10 up 6.70 Mar 785.90 up 6.80 May 784.20 up 4.60
