WINNIPEG, Manitoba--Intercontinental Exchange canola futures continued to build on three-month highs on Thursday morning as they pushed above the psychological C$600 per tonne level.
The May contract remained well above its 20-day moving average, which was supportive.
As well, upticks in the Chicago soy complex and European rapeseed spilled over into canola, while Malaysian palm oil was lower. Crude oil prices were easing back, adding some more pressure on the oilseeds.
Canola crush margins eased further back, with the old crop May and July positions between C$162 to C$164 per tonne above the futures.
Statistics Canada is schedule to publish its planted area estimates on Mar. 11, with the trade on either side of the 22.1 million acres seeded last spring.
The Canadian dollar was higher on Thursday morning, with the loonie at 74.14 U.S. cents compared to Wednesday's close of 73.92.
Approximately 11,250 contracts had traded by 9:36 EST and prices in Canadian dollars per metric tonne were:
Canola
Price Change
May 604.20 up 5.30
Jul 611.80 up 4.90
Nov 618.60 up 4.70
Jan 622.70 up 3.50
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
03-07-24 1004ET
