By Glen Hallick
Glacier FarmMedia – Intercontinental Exchange canola futures tacked on modest gains Wednesday morning, adding to Tuesday’s sharp increases.
Support for canola came from upticks in the Chicago soy complex, while slight declines in MATIF rapeseed and Malaysian palm oil limited the upswing. Higher crude oil prices underpinned the vegetable oils.
Canadian Prime Minister Mark Carney began his visit to China on Wednesday. The canola trade is hoping for some kind of progress in resolving China’s steep tariffs on its imports of Canadian canola. Carney must balance the needs of canola producers with those of the country’s Ontario-based auto sector, which fears cheaper Chinese-made electric vehicles.
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ICE Midday: Canola takes a step back
Glacier FarmMedia – Canola futures on the Intercontinental Exchange were slightly lower in the middle of Wednesday trading amidst a…
As the March canola contract remained above its 20-day average it was a shade below its 50-day average.
Canola crush margins stepped back, with the March position slipping to C$195 per tonne above the futures.
The Canadian dollar bumped up on Wednesday morning, with the loonie at 72.08 U.S. cents, compared to Tuesday’s close of 72.01.
Approximately 17,000 contracts had traded by 8:37 CST and prices in Canadian dollars per metric tonne were:
Price Change
Canola Mar 634.40 up 1.60
May 643.30 up 1.40
Jul 649.50 up 1.00
Nov 646.40 up 1.50
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/.
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