By Glen Hallick, MarketsFarm
WINNIPEG, Oct. 26 (MarketsFarm) – Canola futures on the Intercontinental Exchange (ICE) were on the rise on Wednesday morning, gleaning support from comparable oils.
Support came from increases in the Chicago soy complex and European rapeseed and Malaysian palm oil. Modest upticks in global crude oil prices lent support to vegetable oils.
Ongoing large crush margins underpinned canola values. Also, the rolling out of the November contract continued with its open interest the lowest among the actively traded contracts.
Manitoba pegged its harvest at 95 per cent complete with most major crops at 96 per cent finished or higher. The combining of corn and sunflowers were still in their early stages.
The Canadian dollar was higher on Wednesday morning, ahead of the Bank of Canada’s next announcement on its key interest rate later this morning. The loonie climbed to 73.67 U.S. cents compared to Tuesday’s close of 73.32.
About 5,000 contracts had traded as of 8:39 CDT.
Prices in Canadian dollars per metric tonne at 8:39 CDT:
Price Change
Canola Nov 902.00 up 5.20
Jan 871.20 up 4.40
Mar 877.00 up 4.40
May 881.20 up 3.70
