WINNIPEG, Manitboa--Intercontinental Exchange canola futures were pushing higher at midsession Monday, as there's a massive short in the nearby May contract with the funds now looking to get out of them.
Also, canola was gleaning support from upswings in comparable oils. There were strong gains in Chicago soybeans and soyoil, while soymeal eased back. Additional support came from upticks in European rapeseed and Malaysian palm oil.
Global crude oil prices were higher due to concerns over reduced supply and growing demand. Those increases lent support to the vegetable oils.
Statistics Canada, or StatCan, issued its monthly crush and deliveries reports, with the February canola crush at 812,001 tonnes compared with 629,153 the same time last year. Oil produced came in at 336,866 tonnes versus 262,732 and soymeal was 481,939 tonnes to 377,783.
StatCan placed February deliveries of canola at 1.49 million tonnes compared with 1.02 million a year ago. Total wheat deliveries were 4.55 million tonnes, well ahead of last February's 2.94 million.
Canola crush margins were again on the rise, further underpinning values.
The Canadian dollar was higher Monday with the loonie at 72.98 U.S. cents, compared with Friday's close of 72.66.
About 19,800 canola contracts were traded as of 11:22 a.m. ET.
Prices in Canadian dollars per metric tonne at 11:22 a.m. ET:
Price Change
Canola
May 752.90 up 9.50
Jul 738.20 up 10.80
Nov 709.40 up 5.30
Jan 713.60 up 5.70 Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
03-27-23 1150ET
