By Glen Hallick, MarketsFarm
WINNIPEG, June 15 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were stronger at midday Thursday, as they benefitted from a strong upswing in the Chicago soy complex.
“It’s a good day in the market. I think this is a pivot off of the Fed from yesterday,” commented an analyst.
On Wednesday, the United States Federal Reserve froze its key interest rate for the time being, but indicated there could very likely be two more rate hikes this year.
The analyst said the weather forecast for the U.S. Corn Belt has called for little rain over the coming days. He also noted the rain in Alberta was “doing wonders” but the south of the province wasn’t getting near as much, if anything.
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Additional support for canola came from gains in European rapeseed and Malaysian palm oil. Crude oil was up moderately, which lent support to the vegetable oils.
The Canadian dollar was back pushing upward on late Thursday morning, due to a drop in the U.S. dollar. The loonie climbed to 75.52 U.S. cents compared Wednesday’s close of 75.20.
Approximately 26,800 canola contracts were traded as of 10:22 CDT.
Prices in Canadian dollars per metric tonne at 10:22 CDT:
Price Change Canola Jul 711.10 up 16.90 Nov 687.10 up 15.20 Jan 694.30 up 15.40 Mar 699.90 up 14.90
