By Glen Hallick, MarketsFarm
WINNIPEG, Jan. 12 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were higher at midsession Thursday, in what a trader said was short covering ahead of a series of reports from the United States Department of Agriculture (USDA).
Among the 11 reports the USDA will publish today will be its supply and demand estimates, quarterly grains stocks, winter wheat plantings and crop production. The department will release most its reports at 11 am CST.
In the meantime, canola was getting support from upticks in the Chicago soy complex and the front months of European rapeseed, while Malaysian palm oil was relatively steady. Global crude oil prices were on the rise, with spillover going into vegetable oils.
The Canadian dollar was slightly higher on Thursday, with the loonie at 74.60 U.S. cents, compared to Wednesday’s close of 74.49.
Approximately 24,650 canola contracts were traded as of 10:20 CST.
Prices in Canadian dollars per metric tonne at 10:20 CST:
Price Change Canola Mar 838.10 up 6.30 May 836.10 up 8.10 Jul 837.20 up 8.30 Nov 810.50 up 7.50
