By Glen Hallick
Glacier Farm Media MarketsFarm – Canola futures on the Intercontinental Exchange continued to push higher on Wednesday morning, building on gains made in the overnight session.
The July contract was testing resistance at the psychological level of C$700 per tonne. It also remained well above its major moving averages, which underpins values.
Gains in the Chicago soy complex and European rapeseed spilled over into canola. However, declines in Malaysian palm oil limited the increases. Crude oil was virtually unchanged, offering little direction to the vegetable oils.
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Statistics Canada is set to release its report on grain stocks as of March 31 on Thursday. The report could indicate as to how much canola there is in the country, as the belief in the trade is StatCan has underestimated the fall harvest by up to 1.5 million tonnes.
The Canadian dollar dipped on Wednesday morning, with the loonie at 72.49 U.S. cents, compared to Tuesday’s close of 72.55.
Approximately 10,050 contracts were traded by 8:43 CDT and prices in Canadian dollars per metric tonne were:
Price Change Canola Jul 697.70 up 4.00 Nov 662.00 up 6.10 Jan 669.80 up 5.00 Mar 677.50 up 5.00
