By Glen Hallick
Glacier FarmMedia – Intercontinental Exchange canola futures closed stronger on Thursday, guided by gains in Chicago soyoil, MATIF rapeseed and crude oil.
Malaysian palm oil finished relatively steady and declines in Chicago soybeans and soymeal tempered canola’s upside.
Jamie Wilton, a trader with R.J. O’Brien & Associates in Winnipeg, said the rolling out of the May contract also influenced canola.
While the July canola contract remained below its 20-day average, it climbed further above its 50-day average.
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Canola crush margins were also on the rise, with the July position adding about C$13 at more than C$323 per tonne above the futures.
Agriculture and Agri-Food Canada is scheduled to issue its next supply and demand estimates. The trade will be looking for any notable changes from the March report.
The Canadian dollar was higher on Thursday afternoon, with the loonie reaching 72.99 U.S. cents, compared to Wednesday’s close of 72.75.
There were 82,503 canola contracts traded on Thursday, compared to 80,679 on Wednesday. Spreading accounted for 62,708 contracts traded.
Prices are in Canadian dollars per metric tonne:
Price Change
Canola May 710.40 up 4.50
Jul 724.30 up 5.70
Nov 722.80 up 3.90
Jan 729.80 up 3.20
