By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures pressed ahead midday Friday with more gains on top of yesterday’s corrective bounce.
As another round of increases in global crude oil prices spilled over into the vegetable oils, that led to upticks in European rapeseed and Malaysian palm oil. While the Chicago soy complex was higher as well soyoil had barely budged above unchanged, which limited canola’s upside.
The United States Department of Agriculture is set to release its December supply and demand estimates at 11 am Central. An analyst said this report is very likely to have little effect on the commodity markets.
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Trade, dollar weigh on U.S. values By Glen Hallick, MarketsFarm Glacier FarmMedia MarketsFarm – Intercontinental Exchange canola futures closed lower…
Snow was falling or forecast to fall over most of the Prairies on Friday, which could benefit areas with dry conditions.
Canola crush margins were higher, as the nearby January and March positions exceeded C$200 per tonne above the futures.
The Canadian dollar was virtually unchanged at mid-Friday morning with the loonie at 73.54 U.S cents.
Approximately 29,800 canola contracts were traded as of 10:29 CST, with prices in Canadian dollars per metric tonne at:
Price Change Canola Jan 672.60 up 6.00 Mar 680.20 up 5.00 May 687.60 up 4.80 Jul 692.40 up 4.10
