A trader said the canola market will very likely remain choppy going into the crop's harvest, which is still in its early stages across the Prairies.
"It's holding reasonably well," he said. "We are seeing a fair bit of farmer selling as we go into harvest, partly because canola has the only attractive price on the board." The trader noted that producers are using their canola for cash purposes.
The Canadian oilseed was getting support from modest gains in Chicago soyoil, along with most European rapeseed contracts, which were slightly higher. The Malaysian palm oil market was closed for the country's Independence Day celebrations. Increases in global crude oil prices have faded, but were still lending support to the vegetable oils.
Statistics Canada reported total crop receipts for the second quarter of 2023 were C$11.78 million, a little more than the C$11.62 million seen in the same period last year.
The Canadian dollar was virtually unchanged by midmorning on Thursday, holding off pressure from a stronger U.S. dollar. The loonie stood at 73.87 U.S. cents.
Approximately 14,350 canola contracts were traded as of 11:37 EDT.
Prices in Canadian dollars per metric tonne at 11:37 EDT:
Canola Price Change
Nov 812.70 up 3.50
Jan 817.50 up 2.70
Mar 818.00 up 1.30
May 814.30 up 0.20