By Glen Hallick
Glacier FarmMedia – Intercontinental Exchange canola futures were higher on Wednesday, due to sharp increases in Chicago soyoil and soybeans. Additional support came from upticks in most MATIF rapeseed contracts.
Steep declines in crude oil had little effect on most vegetable oils, with losses in Malaysian palm oil.
An analyst said those hikes in soyoil may have been on speculation over the United States biofuel policy announcement on Friday, with spillover going into canola.
The May canola contract held above its 20-day moving average after slipping below it earlier in the session.
Read Also
U.S. Grain/Oilseed Review: Soybeans, corn, wheat on the rise
SOYBEAN futures at the Chicago Board of Trade were stronger on Wednesday, shrugging off sharp losses in crude oil, which…
Canola crush margins dipped after yesterday’s close, with the May position close to C$294 per tonne above the futures.
The Canadian dollar was lower on Wednesday afternoon, with the loonie at 72.40 U.S. cents, compared to Tuesday’s close of 72.67.
There were 59,807 contracts traded on Wednesday, compared to 57,678 on Tuesday. Spreading accounted for 38,206 contracts traded.
Prices are in Canadian dollars per metric tonne:
Price Change
Canola May 727.20 up 3.30
Jul 739.90 up 2.80
Nov 734.10 up 3.90
Jan 739.50 up 4.70
