WINNIPEG, Jan. 19 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were seeing gains in the old crop months on Wednesday morning, while the lightly-traded new crop November contract took a small step back.
Support was coming from increases in the Chicago soy complex and sharp upticks in European rapeseed. Small advances in global crude oil prices were assisting edible oils. However, Malaysian palm oil was a pinch lower.
Tight supplies and the need to ration demand continued to underpin canola.
Frigid temperatures have returned to the Prairies for the next few days before improving with more snow on the way.
The Canadian dollar was higher this morning, with the loonie at 80.03 U.S. cents, compared to Tuesday’s close of 79.81.
About 7,350 canola contracts had traded as of 8:35 CST.
Prices in Canadian dollars per metric tonne at 8:35 CST:
Price Change
Canola Mar 974.50 up 10.50
May 961.00 up 9.10
Jul 928.40 up 4.30
Nov 794.40 dn 0.10
