Glacier FarmMedia — ICE Futures canola contracts were weaker at midday Thursday, backing away from overnight gains.
- The March contract touched fresh seven-week highs in overnight trade but dipped below unchanged as the North American day session progressed. The return below C$650 per tonne was bearish from a technical standpoint, said an analyst.
- Chicago soyoil also retreated from earlier advances, accounting for some of the spillover selling pressure in the Canadian oilseed.
- Gains in crude oil remained supportive for the grains and oilseeds.
- Optimism over increased export movement to China continued to underpin the canola market, although old crop supplies remain burdensome.
- The Canadian dollar was firm at midday, trading just below 16-month highs relative to its United States counterpart. The strong currency cuts into crush margins and makes exports less attractive for international buyers.
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Glacier FarmMedia – Canola futures on the Intercontinental Exchange were higher on Thursday morning, receiving plenty of support. Crude oil…
- An estimated 39,700 canola contracts traded as of 10:41 CST.
Prices in Canadian dollars per metric tonne at 10:41 CST:
Canola Mar 648.40 dn 1.80
May 659.20 dn 1.80
Jul 667.00 dn 0.70
Nov 658.90 dn 0.10
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