WINNIPEG, Jan. 27 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were higher on Thursday morning, continuing with the gains made during the overnight session.
Support was coming from gains in Chicago soyoil, Malaysian palm oil and European rapeseed. These were receiving spillover from more upticks in global crude oil prices. Chicago soybeans were narrowly mixed and soymeal was down slightly.
Tight supplies and price rationing continued to underpin canola values.
A stronger United States dollar saw the Canadian dollar pull back on Thursday morning. The loonie was at 78.89 U.S. cents, compared to Wednesday’s close of 79.33.
About 6,350 canola contracts had traded as of 8:36 CST.
Prices in Canadian dollars per metric tonne at 8:36 CST:
Price Change
Canola Mar 1,001.60 up 4.10
May 998.10 up 6.30
Jul 976.50 up 3.30
Nov 837.80 up 2.80
