By Glen Hallick
Glacier Farm Media | MarketsFarm – Intercontinental Exchange canola futures were stronger late Thursday morning, in what a trader called a surprising move.
The trader said he expected the canola market to continue lower, but spillover from outside markets is pushing prices higher.
Besides the increases in Chicago soyoil and soybeans, that included gains in Malaysian palm oil and European rapeseed. Upticks in crude oil added to the upswing in the vegetable oils.
“The outside markets have the commodity funds shying away from liquidating,” the trader said, adding there’s a lack of farmer selling.
The Canadian dollar was lower at mid-session Thursday, with the loonie at 72.74 U.S. cents compared to Wednesday’s close of 72.93.
Approximately 25,300 canola contracts were traded as of 10:54 am CDT, with prices in Canadian dollars per metric tonne:
Price Change Canola Nov 695.40 up 19.40 Jan 704.60 up 19.70 Mar 711.30 up 19.60 May 714.60 up 17.70
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/
