By Glen Hallick, MarketsFarm
WINNIPEG, Nov. 25 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were slightly higher on Thursday morning in light activity.
The futures markets in the United States are closed for the Thanksgiving holiday, meaning no direction was coming from the Chicago soy complex. European rapeseed was mixed with its front months taking losses, while Malaysian palm oil was moderately lower.
Rationing demand in the face of tight supplies continued to underpin canola values.
Statistics Canada report 876,127 tonnes of canola were crushed in October. That produced 360,223 tonnes of canola oil and 523,066 tonnes of canola meal. The amounts are lower than those a year ago.
The federal agency also reported 1.71 million tonnes of canola were delivered last month, compared to the 1.81 million during the previous October.
The Canadian dollar was relatively steady this morning, with the loonie at 78.94 U.S. cents compared to Wednesday’s close of 78.88.
About 1,200 canola contracts had traded as of 8:36 CST.
Prices in Canadian dollars per metric tonne at 8:36 CST:
Price Change
Canola Jan 1,031.20 up 1.00
Mar 1,002.00 up 2.60
May 964.10 up 1.80
Jul 921.70 up 2.60
