By Glen Hallick
Glacier FarmMedia | MarketsFarm – Intercontinental Exchange canola futures were slightly lower on Thursday morning, struggling to hang onto overnight gains.
There’s support for canola from increases in the Chicago soy complex and MATIF rapeseed while Malaysian palm oil is relatively steady. Upticks in crude oil were spilling over into the vegetable oils.
Canola was also being affected by pre-report movements on the Chicago Board of Trade as the United States Department of Agriculture will release its supply/demand estimates on Friday.
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The January canola contract remained above its 20- and 50-day moving averages, further underpinning the oilseed’s values.
As ongoing trade issues with China continued to linger around canola, the federal agriculture minister recently commented some progress is being made to resolve the dispute.
Agriculture and Agri-Food Canada announced it has delayed its monthly supply and demand report from Nov. 19 to Nov. 24.
Statistics Canada is set to release its production update on Dec. 4. The trade expects the canola harvest to well exceed the 20.03 million tonnes estimated in September.
The Canadian dollar was virtually unchanged on Thursday morning, with the loonie at 71.40 U.S. cents.
Approximately 14,250 contracts were traded by 8:39 CST and prices in Canadian dollars per metric tonne were:
Price Change
Canola Jan 647.60 dn 0.80
Mar 657.70 dn 0.60
May 666.90 dn 0.60
Jul 672.70 dn 0.80
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/
