Glacier FarmMedia | MarketsFarm – The July canola contract on the Intercontinental Exchange showed strength in the middle of Thursday trading, breaking through recent resistance levels.
An analyst said despite the gains, wet weather in Alberta this weekend could pressure prices. However, long-term forecasts predict dryness on the Prairies this summer.
The United States Department of Agriculture is releasing its monthly supply/demand estimates later today. Positioning ahead of the report was a feature, with surprises in the data likely to affect direction ahead of the close.
Chicago soyoil and Malaysian palm oil were up while European rapeseed was mostly higher. Crude oil prices slipped after the U.S. decided to pull personnel out of the Middle East due to ongoing tensions in the region.
The Canadian dollar was up nearly three-tenths of a U.S. cent compared to Wednesday’s close, capping canola’s gains.
About 46,900 canola contracts have traded at 10:19 CDT. Prices in Canadian dollars per metric tonne:
Price Change
Jul 723.70 up 9.40
Nov 706.00 up 12.10
Jan 713.00 up 11.70
Mar 717.30 up 10.10
