Glacier FarmMedia – Canola futures on the Intercontinental Exchange were slightly higher in the middle of Thursday trading amidst mostly negative sentiment in comparable oils.
Crude oil lost more than US$2 per barrel after the United States and Iran agreed to meet in Oman on Friday.
Chicago soyoil and Malaysian palm oil were also in negative territory, while European rapeseed was mostly higher.
An analyst said it was critical for March canola to stay above the C$660 per tonne mark as it would be supportive for prices. Soybean prices above US$11 per bushel also provided support, but the analyst said there may be selling action.
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The Canadian dollar was down one-tenth of a U.S. cent compared to Wednesday’s close.
About 37,000 canola contracts have traded at 10:12 CST. Prices in Canadian dollars per metric tonne:
Price Change
Mar 660.90 up 1.80
May 672.10 up 1.90
Jul 680.00 up 2.10
Nov 670.50 up 1.70
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