Glacier FarmMedia – Canola futures on the Intercontinental Exchange were higher in the middle of Thursday trading amidst mixed sentiment in comparable oils.
Chicago soyoil was lower, European rapeseed was mixed and Malaysian palm oil was higher. Crude oil was in a downturn on speculation OPEC+ could boost output next month. However, G7 finance ministers said Wednesday they will pressure Russia by targeting countries purchasing Russian oil.
An analyst said that November canola found support at the C$600 per tonne mark, while November soybeans did the same at US$10 per bushel. However, harvest pressure and Chinese purchases of South American soybeans starting next month may pull down oilseed prices.
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Harvest weather remains relatively favourable across the Prairies, aside from localized rainfall in some regions.
The Canadian dollar was down more than two-tenths of a U.S. cent compared to Wednesday’s close.
About 36,100 canola contracts have traded at 10:32 CDT. Prices in Canadian dollars per metric tonne:
Price Change
Nov 612.00 up 4.80
Jan 625.00 up 5.30
Mar 636.20 up 5.70
May 646.20 up 5.90
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/
