By Glen Hallick, MarketsFarm
WINNIPEG, Feb. 23 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures pushed upward on Wednesday morning, building on yesterday’s gains. Some contracts have approached or hit new highs.
Support came from strong upticks in the Chicago soy complex, Malaysian palm oil and European rapeseed. However, global crude oil prices were relatively steady and provided little direction for edible oils.
Ongoing concerns over tight old crop supplies underpinned canola values.
The Canadian dollar was higher on Wednesday morning, with the loonie at 78.74 U.S. cents, compared to Tuesday’s close of 78.47.
About 6,550 canola contracts had traded as of 8:35 CST.
Prices in Canadian dollars per metric tonne at 8:35 CST:
Price Change
Canola Mar 1,043.50 up 11.50
May 1,035.20 up 8.30
Jul 1,003.40 up 3.20
Nov 863.30 up 5.90
