By Glen Hallick, MarketsFarm
WINNIPEG, April 27 (MarketsFarm) – Canola futures on the Intercontinental Exchange (ICE) continued to push upward at midday Wednesday, with several contracts hitting new highs.
An analyst said the sharp spike in Malaysian palm oil was strongly influencing edible oil prices today. The Indonesian government flip-flopped on its export ban on palm oil, which on Monday excluded crude palm oil. As of today, the government will now include CPO along with refined palm oil in the export ban as it attempts to get a handle on rising domestic food prices.
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That saw gains in Chicago soybeans and especially soyoil, but there were small losses in soymeal. As global crude oil prices were a little lower, European rapeseed turned mixed.
While the Statistics Canada planting intentions report remained a bullish influence on canola, the analysts said the projected 20.9 million acres is likely to be revised downward in the coming months.
The Canadian dollar was lower with the loonie at 77.87 U.S. cents, compared to Tuesday’s close of 78.14.
Approximately 12,100 canola contracts were traded as of 10:40 CDT.
Prices in Canadian dollars per metric tonne at 10:40 CDT:
Price Change
Canola May 1,216.50 up 15.60
Jul 1,207.70 up 12.90
Nov 1,110.20 up 2.40
Jan 1,112.10 up 2.60
