Glacier FarmMedia — The ICE Futures canola market was stronger on Thursday, closing at their highest levels in eight months as contracts recovered from early profit-taking losses.
- A turn higher in crude oil, after energy markets had initially moved lower, contributed to the eventual gains in canola.
- Weakness in the Canadian dollar, which was down by nearly half a cent relative to its United States counterpart, added to the relative strength in canola. The softer currency underpins crush margins and makes exports more attractive for international buyers.
- Nearby crush margins have topped C$300 per tonne above the futures, rising by more than C$70 over the past month. The wide margins indicate canola seed remains cheap relative to its product values.
- Canada exported 113,500 tonnes of canola during the week ended March 8, reported the Canadian Grain Commission. That was down from 203,000 tonnes the previous week, with crop year-to-date exports of 4.6 million tonnes about 27 per cent behind what moved by the same time a year ago.
- Chicago soyoil were narrowly mixed, while soybeans settled with small losses.
- There were 62,755 contracts traded on Friday, which compares with Thursday when 60,284 contracts changed hands. Spreading accounted for 37,438 of the contracts traded.
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