WINNIPEG--Intercontinental Exchange canola futures were getting stronger at midday Thursday with double-digit increases amid heavy volumes of trading.

An analyst chalked up the gains to further losses in the Canadian dollar. Although the U.S. dollar was relatively steady Thursday, the loonie was on the decline at 73.01 U.S. cents, compared with Wednesday's close of 73.21. The analyst said if vegetable oils remained stable, coupled with the weak dollar, canola could push toward C$875 per tonne, maybe as high as C$900.

A report suggested that farmer selling has been sluggish, with prices increases hoping to turn that around.

Support for canola was coming from upticks in Chicago soybeans and soyoil, as well as European rapeseed and Malaysian palm oil.

Chicago soymeal was to the downside. Global crude oil prices were virtually unchanged and not providing any direction to veg oils.

Prairie temperatures are forecast to remain above normal for the next few days and largely free of rain, helping to advance the harvest.

About 28,250 canola contracts were traded as of 11:19 a.m. ET.

Prices in Canadian dollars per metric tonne at 11:19 a.m. ET:


 
     Price Change 
Canola 
  Nov 851.90 up 13.40 
  Jan 859.30 up 12.40 
  Mar 866.10 up 12.40 
  May 867.50 up 12.30 

Source: Commodity News Service Canada, news@marketsfarm.com


(END) Dow Jones Newswires

09-29-22 1148ET