Glacier FarmMedia — ICE canola futures turned lower Thursday morning, retreating from overnight gains.
- Mixed signals over the war in the Middle East kept caution in the markets, after nearly four weeks of conflict.
- Gains in crude oil provided some spillover support for the oilseeds, with Chicago soyoil also holding onto small gains.
- However, soyoil was off its overnight highs, while European rapeseed and Malaysian palm oil were mixed.
- May canola settled above its 20-day moving average on Wednesday, which was supportive from a chart standpoint.
- The Canadian dollar was softer Thursday morning, underpinning crush margins which remain historically wide.
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ICE Canola Midday: Increases receding
By Glen Hallick Glacier FarmMedia – Gains in canola futures on the Intercontinental Exchange were fading by mid-session Thursday, despite…
- About 20,200 canola contracts had traded as of 8:53 CDT.
Prices in Canadian dollars per metric tonne at 8:53 CDT:
Canola May 726.50 dn 0.70
Jul 739.00 dn 0.90
Nov 733.40 dn 0.70
Jan 737.70 dn 1.80
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