By Glen Hallick, MarketsFarm
WINNIPEG, Dec. 21 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were on the rise Wednesday morning, due to spillover from gains in comparable oils.
Not only was there support coming from the Chicago soy complex, but European rapeseed and Malaysian palm oil as well. Global crude oil prices were also higher, with spillover going into vegetable oils.
A continued upswing in crush margins was underpinning canola values but remained well away from record highs.
As the holidays approach, trading volumes in ICE canola futures are expected to recede.
The Canadian dollar was virtually unchanged on Wednesday morning, with the loonie at 73.40 U.S. cents compared to Tuesday’s close of 73.42.
About 3,200 contracts had traded as of 8:35 CST.
Prices in Canadian dollars per metric tonne at 8:35 CST:
Price Change Canola Jan 861.40 up 2.80 Mar 857.00 up 2.80 May 852.20 up 2.30 Jul 849.40 up 1.00
