WINNIPEG, Manitoba--ICE canola futures were higher at midsession Thursday, in what a trader said was short covering ahead of a series of reports from the U.S. Department of Agriculture.
Among the 11 reports the USDA will publish Thursday are its supply and demand estimates, quarterly grains stocks, winter wheat plantings and crop production. The department will release most of its reports at noon ET.
In the meantime, canola was getting support from upticks in the Chicago soy complex and the front months of European rapeseed, while Malaysian palm oil was relatively steady. Global crude oil prices were on the rise, with spillover going into vegetable oils.
The Canadian dollar was slightly higher Thursday, with the loonie at 74.60 U.S. cents, compared with Wednesday's close of 74.49.
About 24,650 canola contracts were traded as of 11:20 a.m. ET.
Prices in Canadian dollars per metric ton at 11:20 a.m. ET:
Canola Price Change
Mar 838.10 up 6.30
May 836.10 up 8.10
Jul 837.20 up 8.30
Nov 810.50 up 7.50 Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
01-12-23 1201ET
