By Glen Hallick
Glacier FarmMedia | MarketsFarm – Canola futures on the Intercontinental Exchange were pushing upwards on Thursday morning.
“This is likely short covering after bouncing of off recent lows,” an analyst said.
The analyst added the increases at the Chicago Board of Trade, including those in soybeans and soyoil, were a corrective move.
Canola also received support from gains in Malaysian palm oil, while MATIF rapeseed was mostly higher. Pressure on the vegetable oils came from losses in crude oil.
Read Also
North American Grain and Oilseed Review: Canola slightly higher
A positive turn in Chicago By Glen Hallick, MarketsFarm Glacier FarmMedia MarketsFarm – Intercontinental Exchange canola futures hung on to…
Statistics Canada reported the August canola crush was nearly 867,944 tonnes compared to 850,529 a year ago. Also, StatCan said producer deliveries of canola last month were 621,555 tonnes, a drop of nearly 53 per cent from the previous August.
The Argentine government announced it has cut short its tax holiday on the country’s agricultural exports after sales hit the target of US$7 billion. Reports said China quickly purchased up to 30 cargoes of soybeans from Argentina.
The Canadian dollar pushed lower by mid-session Thursday, with the loonie at 71.80 U.S. cents compared to Wednesday’s close of 71.98.
Approximately 23,100 canola contracts were traded as of 10:29 am CDT, with prices in Canadian dollars per metric tonne:
Canola Nov 620.20 up 2.10
Jan 633.10 up 1.80
Mar 644.00 up 1.30
May 653.30 up 0.90
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/
