By Glen Hallick, MarketsFarm
WINNIPEG, March 17 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were turning around on Thursday morning, after overnight losses.
Gains in the nearby May European rapeseed contract and the Chicago soy complex were underpinning canola values. Increases in global crude oil prices lent support to edible oils.
Losses in Malaysian palm oil and most European rapeseed contracts were attempting to stymie canola’s turnaround.
Canadian Pacific Railway announced on Thursday that it gave the required 72-hour notice to the Teamsters Canada Rail Conference to lock out its 3,000 locomotive engineers, conductors and other rail workers as of March 20. That will mean the company’s rail service will grind to a halt. Talks on Wednesday between CP Rail and the union failed to reach an agreement.
The Canadian dollar was higher on Thursday morning, as the loonie climbed to 78.87 U.S. cents, compared to Wednesday’s close of 78.61.
About 2,400 canola contracts had traded as of 8:39 CDT.
Prices in Canadian dollars per metric tonne at 8:39 CDT:
Price Change
Canola May 1,122.30 up 8.40
Jul 1,093.50 up 6.10
Nov 931.10 dn 0.70
Jan 930.80 dn 0.40
