By Glen Hallick, MarketsFarm
WINNIPEG, July 29 (MarketsFarm) – Canola futures on the Intercontinental Exchange (ICE) pushed higher at midday Thursday due to spillover from sharp gains in the Chicago soy complex.
An analyst said regardless of anything else going on in the canola market, the strength from the soy complex would still push the Canadian oilseed upward. The prospect of hot and dry weather in the United States spurred on the gains in the complex. The analyst suggested that if continues, soybean prices could add another US$1 per bushel.
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As well there were powerful upswings in European rapeseed and the after session in Malaysian palm oil providing more support to canola.
Global crude oil prices have shot up, with ample spillover coming into the vegetable oil markets.
Heat will figure prominently on the Canadian Prairies over the weekend. Temperatures that reached 30 degrees Celsius in Alberta and Saskatchewan yesterday will move into Manitoba by Saturday.
The Canadian Grain Commission reported canola exports for the week ended July 24 came to 28,700 tonnes. With one week left in the 2021/22 crop year to report on, total canola exports were at 5.06 million tonnes for a drop of 48.6 per cent compared to the previous year.
The Canadian dollar was slightly higher at 78.00 U.S. cents, compared to Thursday close of 77.91.
Approximately 17,000 canola contracts were traded as of 10:25 CDT.
Prices in Canadian dollars per metric tonne at 10:25 CDT:
Price Change
Canola Nov 881.50 up 17.90
Jan 888.50 up 16.30
Mar 895.50 up 15.20
May 899.00 up 12.00
