By Glen Hallick
Glacier FarmMedia | MarketsFarm – Intercontinental Exchange canola futures bumped up Wednesday morning, gleaning support from most comparable oils.
There were gains in Chicago soybeans and soyoil, as well as MATIF rapeseed. However, losses in Malaysian palm oil and Chicago soymeal tempered the upswing in canola. Increases in crude oil lent support to the vegetable oils.
The January canola contract was just above its 20-day moving average but continued to be well below its other key chart points.
Canola crush margins reversed course, with the November position giving up about C$8 at C$210.25 per tonne above the futures.
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Prairie temperatures will begin moving higher on Wednesday, expected to reach the mid to high teen degrees Celsius by the weekend, with no rain.
The Canadian dollar was virtually unchanged Wednesday morning, with the loonie at 71.30 U.S. cents.
Approximately 9,550 contracts were traded by 8:36 CDT and prices in Canadian dollars per metric tonne were:
Price Change
Canola Nov 618.20 up 2.60
Jan 632.10 up 2.00
Mar 643.40 up 1.90
May 654.40 up 2.50
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/
