WINNIPEG, Feb. 2 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were mostly higher on Wednesday morning, with gains in the old crop months.
Spillover came from strong upticks in the Chicago soy complex, as well as increases in European rapeseed. The Malaysian palm oil market remained closed for the Lunar New Year celebrations.
Further upswings in global crude oil prices added more support to edible oils.
Also, concerns over tight supplies continued to underpin canola values.
The Canadian dollar was higher on Wednesday morning, with the loonie at 78.91 U.S. cents, compared to Tuesday’s close of 78.78.
About 5,350 canola contracts had traded as of 8:36 CST.
Prices in Canadian dollars per metric tonne at 8:36 CST:
Price Change
Canola Mar 1,023.50 up 1.50
May 1,011.30 up 2.60
Jul 984.20 up 0.20
Nov 843.10 dn 0.30
