By Glen Hallick
Glacier FarmMedia | MarketsFarm – Canola futures on the Intercontinental Exchange were climbing higher late Thursday morning, after reversing course from the declines in the overnight session.
A trader said canola was following the gains in European rapeseed, which he called “a bit peculiar.”
Normally, canola aligns more closely with the movements in the Chicago soy complex, which was lower on the day.
Malaysian palm oil was to the downside as well, with modest losses in crude oil is weighing on the vegetable oils.
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The trader said the slower than usual pace of the canola harvest is keeping extended pressure off of canola. Also, he said yesterday’s interest rate cut by the Bank of Canada will help with carry charges.
Despite the increases, the November canola contract was a shade below its 20-day moving average.
The Canadian dollar stepped back by mid-session Thursday, with the loonie at 72.45 U.S. cents compared to Wednesday’s close of 72.67.
Approximately 21,550 canola contracts were traded as of 10:36 am CDT, with prices in Canadian dollars per metric tonne:
Canola Nov 633.10 up 5.00
Jan 645.50 up 5.20
Mar 656.50 up 4.80
May 666.70 up 5.10
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/
