WINNIPEG, Manitoba--Canola futures on the Intercontinental Exchange were slightly higher on Thursday morning in an attempt to shed overnight losses.
Gains in Chicago soybeans and soymeal offered support, but there were losses in Chicago soyoil and MATIF rapeseed while Malaysian palm oil held relatively steady. Crude oil was weaker, putting pressure on the vegetable oils.
The March canola contract ran into resistance when it exceeded C$660 per tonne.
The March contract remained above most its major technical points while staying below its 200-day moving average.
Statistics Canada is set to release its grain stocks as of Dec. 31 report on Friday. With the record large canola harvest and reduced exports, it's expected the oilseed's stocks will have increased.
Prospective canola exports to China and the United States tempered declines.
The Canadian dollar nudged up on Thursday morning, with the loonie at 73.21 U.S. cents compared to Wednesday's close of 73.16.
Approximately 19,950 contracts had traded by 9:37 EST and prices in Canadian dollars per metric tonne were:
Canola Price Change Mar 660.10 up 1.00 May 671.00 up 0.80 Jul 678.40 up 0.50 Nov 669.20 up 0.40
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
02-05-26 1003ET
