ICE Canada Morning Comment: Canola prices spike

By Glen Hallick, MarketsFarm

WINNIPEG, July 7 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were up sharply on Thursday morning, along with other vegetable oils.

The Chicago soy complex and European rapeseed were incurring strong gains, while Malaysian palm oil advanced more moderately in its off session. Upticks in global crude oil prices were lending support to veg oils.

Scattered showers remain in the forecast for the Prairies over the next couple of days. However, a system was bringing heavy rain to parts of southern Saskatchewan today.

The Canadian dollar was higher on Thursday morning, with the loonie climbing to 76.85 U.S. cents, compared to Wednesday’s close of 76.65.

About 5,050 contracts had traded as of 8:35 CDT.

Prices in Canadian dollars per metric tonne at 8:35 CDT:

Price Change
Canola Nov 861.70 up 36.40
Jan 869.20 up 36.30
Mar 876.40 up 35.90
May 883.00 up 35.90

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