By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Sept. 30 (MarketsFarm) – The ICE Futures canola market was stronger Thursday morning, hitting their highest levels of the past month.
Malaysian palm oil futures climbed to their highest levels ever. Tight supplies and increased Chinese demand were reportedly behind the strength in that market, with gains in Chicago Board of Trade soyoil futures also supportive for canola. However, European rapeseed futures were backing away from their own highs.
The smaller Canadian crop and need to ration demand remained a supportive influence for canola.
The United States Department of Agriculture releases its quarterly stocks report at 11:00 CDT, and any surprises in the data will likely set the tone for the grains and oilseeds.
Many Canadian government offices and other businesses are closed Thursday for the inaugural National Day for Truth and Reconciliation – which commemorates the tragic history of residential schools, and honours survivors and those lost.
About 8,500 canola contracts had traded as of 8:36 CDT.
Prices in Canadian dollars per metric ton at 8:36 CDT:
Price Change
Canola Nov 903.30 up 9.20
Jan 890.80 up 7.80
Mar 877.40 up 5.80
May 852.60 up 6.20
