By Glen Hallick, MarketsFarm
WINNIPEG, April 20 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were higher on Wednesday morning, taking their cue from gains in comparable oils.
Support came from increases in the Chicago soy complex, as well as European rapeseed, while Malaysian palm oil was mostly lower. Upticks in crude oil prices were providing support to the world vegetable oil market.
The canola market will be positioning ahead of the Statistics Canada planting intentions report for 2022/23, which is to be released on April 26. Last year 22.48 million acres of canola were planted in Canada.
An Alberta Clipper continued to move eastward across the Prairies today. By the weekend, a Colorado Low is expected to move into the eastern half of the region.
The Canadian dollar was on the rise Wednesday morning, with the loonie jumping to 79.95 U.S. cents, compared to Tuesday’s close of 79.21.
About 2,300 canola contracts had traded as of 8:37 CDT.
Prices in Canadian dollars per metric tonne at 8:37 CDT:
Price Change
Canola May 1,169.80 up 1.50
Jul 1,152.20 up 2.90
Nov 1,051.10 up 5.50
Jan 1,053.60 up 6.60
