By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures pushed higher on Thursday morning, gleaning support from most comparable oils.
There were increases in European rapeseed and Malaysian palm oil, but Chicago soyoil was virtually unchanged. More support came from gains in Chicago soybeans and soymeal. Upticks in crude oil spilled over into the vegetable oils.
Tightening canola supplies in Canada are very likely to lead to price rationing in the months to come. Added direction on the amount of the oilseed in the country will be made on Friday when Statistics Canada releases its report on grain stocks as of Dec. 31.
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Glacier FarmMedia — The ICE Futures canola market was weaker on Friday, taking back Thursday’s gains as losses in Chicago…
The March canola remained above its major moving averages, which underpinned values.
Canola crush margins stepped back, with the March position slipping below C$147 per tonne above the futures.
Although the immediate tariff threat from the United States has been settled temporarily, the market heeded some caution. Also, the inevitable decision from China regarding its investigating allegations of canola dumping by Canada continued to loom in the background.
The Canadian dollar dropped back on Thursday morning, with the loonie at 69.75 U.S. cents compared to Wednesday’s close of 69.95.
Approximately 12,500 contracts were traded by 8:37 CST and prices in Canadian dollars per metric tonne were:
Price Change Canola Mar 646.50 up 6.10 May 653.90 up 5.50 Jul 657.90 up 4.90 Nov 640.10 up 3.20
