WINNIPEG, Jan. 5 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were higher on Wednesday morning, with the nearby March and May contracts approaching contract highs.
Support was coming from gains in Chicago soyoil, European rapeseed and Malaysian palm oil. Small increases in global crude oil prices were also supportive of edible oil values.
Additional support came from tight canola supplies and the ongoing need for price rationing. However, the Canadian oilseed could be seen as overvalued.
Declines in Chicago soybeans and soymeal tempered further gains in canola.
Cold weather warnings have been issued for most of Prairies with wind-chills of minus 35 to 45 Celsius today.
The Canadian dollar was relatively steady this morning, with the loonie at 78.65 U.S. cents compared to Tuesday’s close of 78.69.
About 5,000 canola contracts had traded as of 8:37 CST.
Prices in Canadian dollars per metric tonne at 8:37 CST:
Price Change
Canola Mar 1,026.70 up 5.30
May 1,006.10 up 7.70
Jul 956.50 up 6.50
Nov 794.80 up 9.80
