WINNIPEG, Manitoba--ICE canola futures were higher at midsession Thursday, in what an analyst quipped, "the mystery of the day."
The strongest gains were in the old crop months as traders continued to exit their short positions.
"The new crop months are far more tepid in their price movements," the analyst commented.
Only the very sparsely traded March 2024 contract was lower.
Although global crude oil prices were a pinch lower, the analyst said it's possible that West Texas Intermediate could push upwards to US$85 to US$87 per barrel in the near future. Such an increase would spill over into the vegetable oils.
In the meantime, in a show of independent action, canola defied some of the other vegetable oils, with declines in European rapeseed and Malaysian palm oil. In Chicago, soyoil was virtually unchanged while soybeans and soymeal made gains.
A setback in the U.S. dollar was making way for an upswing in the Canadian dollar on Thursday. The loonie advanced to 74.80 U.S. cents, compared with Wednesday's close of 74.37 U.S. cents.
About 29,350 canola contracts were traded as of 11:14 a.m. ET.
Prices in Canadian dollars per metric ton at 11:14 a.m. ET:
Canola Price Change
May 781.50 up 10.50
Jul 749.90 up 7.80
Nov 707.70 up 4.50
Jan 709.60 up 4.30 Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
04-13-23 1142ET
