By Glen Hallick, MarketsFarm
WINNIPEG, March 16 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were mostly lower on Wednesday morning, in light volumes of activity.
Support for canola was coming from gains in the Chicago soy complex and Malaysian palm oil. European rapeseed was mostly lower.
Global crude oil prices reversed course overnight and were on the rise, which lent support to edible oils.
Despite the deadline to reach a settlement having passed, some 3,000 members of the Teamsters Canada Rail Conference have not gone on strike Wednesday morning.
Spring road conditions came into effect in southern Alberta on Monday and in Saskatchewan yesterday. Those in Manitoba are scheduled to come into effect on Friday. Road restrictions for northern Alberta will be announced as the spring thaw progresses.
The Canadian dollar jumped on Wednesday morning, as the loonie climbed to 78.69 U.S. cents, compared to Tuesday’s close of 78.11.
About 1,700 canola contracts had traded as of 8:41 CDT.
Prices in Canadian dollars per metric tonne at 8:41 CDT:
Price Change
Canola May 1,111.70 dn 8.00
Jul 1,089.30 dn 5.60
Nov 932.00 dn 2.90
Jan 934.00 up 0.20
