By Phil Franz-Warkentin
Glacier FarmMedia | MarketsFarm — ICE Futures canola contracts were mixed at midday Thursday, with losses in the nearby July contract and a firmer tone in the more deferred positions.
Gains in Chicago soyoil and weakness in the Canadian dollar provided support, as crush margins showed some improvement.
Tightening old crop supplies and the need to ration demand were also supportive. However, ideas the 2024 crop was larger than official estimates pressured values.
European rapeseed and Malaysian palm oil markets were closed for May 1 holidays after posting losses yesterday.
An estimated 19,200 canola contracts traded as of 10:30 CDT.
Prices in Canadian dollars per metric tonne at 10:30 CDT:
Canola Jul 691.00 dn 1.40
Nov 651.30 up 1.20
Jan 659.70 up 1.80
Mar 667.70 up 2.80
