Glacier FarmMedia — ICE canola futures were narrowly mixed Thursday morning, consolidating in a narrow range after moving higher in overnight trade.
- Chart-based positioning was a feature amid ideas the market was looking oversold.
- End-user bargain hunting was supportive, with wide crush margins thought to be encouraging demand from domestic processors.
- However, ongoing lack of export demand from China remained a bearish influence.
- Outside markets were mixed, with gains in Chicago soybeans and losses in soyoil. European rapeseed and Malaysian palm oil were both trading near unchanged.
- The Canadian dollar was stronger in early trade, hitting its highest levels in three months relative to its United States counterpart.
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About 23,300 canola contracts had traded as of 8:52 CST.
Prices in Canadian dollars per metric tonne at 8:52 CST:
Canola Jan 615.70 up 0.30
Mar 626.80 unchanged
May 637.90 dn 0.50
Jul 644.80 dn 1.00
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