By Glen Hallick
Glacier FarmMedia – Canola futures on the Intercontinental Exchange were higher on Thursday morning, following news on China’s investigation into alleged canola dumping by Canada.
The Chinese Ministry of Commerce said on Thursday that it’s extending its probe into the allegations to March 9 and will make a “fair and final ruling” sometime later.
An analyst said canola needs to close stronger to wipe out recent losses. However, a trader noted yesterday that canola could become too expensive for Chinese buying.
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Additional support for canola came from strong gains in the Chicago soy complex and more modest increases in MATIF rapeseed. Declines in Malaysian palm oil limited the upside while a drop in crude oil weighed on the vegetable oils.
The May canola contract broke above its 200-day moving average, further underpinning the oilseed’s values. It was now pushing towards resistance at C$680 per tonne.
The Canadian dollar was lower late Thursday morning with the loonie at 73.52 U.S. cents compared to Wednesday’s close of 73.67.
Approximately 56,450 canola contracts were traded as of 10:18 a.m. CST, with prices in Canadian dollars per metric tonne:
Canola Mar 667.60 up 4.90
May 679.00 up 4.90
Jul 687.60 up 4.70
Nov 679.50 up 4.60
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