By Glen Hallick
Glacier FarmMedia – Intercontinental Exchange canola futures remained positive on Thursday, gleaning support from comparable oils.
With the ongoing war in the Middle East, crude oil continued to rise sharply. That led to increases in the Chicago soy complex, MATIF rapeseed and Malaysian palm oil.
While the stronger prices for canola may spur additional farmer selling, there’s the danger of foreign buyers shying away.
An ample supply of canola still loomed over the market as large ending stocks are likely.
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The May canola contract remained well above its major moving averages.
The Canadian dollar was weaker on Thursday afternoon, with the loonie at 72.18 U.S. cents, compared to Wednesday’s close of 72.46.
There were 57,700 canola contracts traded on Thursday, compared to 59,807 on Wednesday. Spreading accounted for 45,202 contracts traded.
Prices are in Canadian dollars per metric tonne:
Price Change
Canola May 729.40 up 2.20
Jul 742.40 up 2.50
Nov 736.80 up 2.70
Jan 742.90 up 3.40
