By Glen Hallick
Glacier FarmMedia – Canola futures on the Intercontinental Exchange were higher on Wednesday morning, shedding overnight losses.
The Chicago soy complex turned around as well, with strong gains in soyoil. MATIF rapeseed and Malaysian palm oil were also on the rise.
Following overnight attacks in the Middle East war, crude oil was stronger, lending support to the veg oils.
As the recent jump in canola may spark more farmer selling, it might discourage foreign buyers, as ample supplies loom over the market.
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ICE Midday: Canola maintains upward momentum
Glacier FarmMedia – Canola futures on the Intercontinental Exchange continued to rise higher on Wednesday, although the gains have cooled…
The May canola contract remained handily above its major moving averages. The oilseed’s crush margins held firm with the May position at about C$279 per tonne above the futures.
Ahead of the Bank of Canada’s interest rate announcement Wednesday morning, the Canadian dollar eased back with the loonie at 72.91 U.S. cents compared to Tuesday’s close of 73.00.
Approximately 26,900 contracts had been traded by 8:37 CDT and prices in Canadian dollars per metric tonne were:
Price Change
Canola May 736.60 up 7.10
Jul 746.10 up 7.30
Nov 732.30 up 5.00
Jan 736.60 up 5.00
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/.
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