By Glen Hallick, MarketsFarm
WINNIPEG, Nov. 30 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures continued to push higher on Wednesday morning, supported by increases in comparable oils.
There were gains Chicago soy complex, as well as European rapeseed and Malaysian palm oil. As OPEC+ prepared to discuss possible production cuts, there were upticks in global crude oil prices with spillover going into vegetable oils.
Ahead of Friday’s production report from Statistics Canada, the trade was split over this year’s canola production being above or below the federal agency’s previous call of 19.1 million tonnes.
With weakness in the United States dollar, the Canadian dollar was rebounding on Wednesday morning. The loonie climbed to 74.05 U.S. cents compared to Tuesday’s close of 73.65.
About 7,000 contracts had traded as of 8:39 CST.
Prices in Canadian dollars per metric tonne at 8:39 CST:
Price Change Canola Jan 843.80 up 7.80 Mar 841.70 up 7.00 May 844.60 up 9.70 Jul 848.60 up 5.60
