By Glen Hallick
Glacier FarmMedia – Canola futures on the Intercontinental Exchange pushed higher on Thursday morning, partially recovering some of Wednesday’s declines.
Crude oil turned around as the Strait of Hormuz remains closed and the threat of the Middle East war ramping up increased. That higher crude led to spillover going into the vegetable oils, with gains in the Chicago soy complex, Malaysian palm oil and MATIF rapeseed.
The May canola contract was firmly below its 20-day moving average but still higher than its other technical levels.
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Canola crush margins dropped back after Wednesday’s close, with the May position losing more than C$16 at about C$334 per tonne above the futures.
Later this morning, the United States Department of Agriculture will issue its April supply and demand estimates. Any notable movement in the U.S. commodities is likely to find its way into the canola futures.
The Canadian dollar was higher on Thursday morning, with the loonie at 71.34 U.S. cents, compared to Wednesday close of 72.20.
Approximately 13,100 contracts had been traded by 8:48 CDT and prices in Canadian dollars per metric tonne were:
Price Change
Canola May 709.10 up 4.20
Jul 722.30 up 4.20
Nov 718.50 up 3.80
Jan 725.30 up 3.80
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/.
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