Glacier FarmMedia — ICE canola futures were stronger Thursday morning, finding some support after hitting one-month lows the previous session.
Dryness concerns in parts of Western Canada and tight old crop supplies contributed to the gains.
Chicago soyoil was holding near unchanged in early activity, providing little direction. European rapeseed and Malaysian palm oil were posting small losses in the most active months.
The United States Department of Agriculture is scheduled to release its monthly supply/demand estimates on Friday, with pre-report positioning likely to account for some of Thursday’s activity in the North American markets.
About 14,100 canola contracts had traded as of 8:46 CDT.
Prices in Canadian dollars per metric ton at 8:46 CDT:
Canola Nov 681.50 up 0.50
Jan 689.40 up 0.20
Mar 697.10 up 1.30
May 703.90 up 2.50
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/