By Glen Hallick, MarketsFarm
WINNIPEG, Jan. 4 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were mostly higher Wednesday morning, garnering support from increases in Chicago soybeans and soymeal. The new crop November contract was the outlier, as it stepped back.
Pressure on the Canadian oilseed came from small declines in Chicago soyoil, as well as somewhat larger losses in European rapeseed and Malaysian palm oil. Weaker global crude oil prices weighed on vegetable oils.
The Canadian dollar climbed higher on Wednesday morning as the United States dollar backpedaled. The loonie rose to 73.91 U.S. cents compared to Tuesday’s close of 73.22.
About 13,100 contracts had traded as of 8:35 CST.
Prices in Canadian dollars per metric tonne at 8:35 CST:
Price Change Canola Mar 872.80 up 1.20 May 868.50 up 0.80 Jul 867.00 up 0.90 Nov 834.30 dn 1.10
