ICE Canada Morning Comment: Canola on the rise

By Glen Hallick, MarketsFarm

WINNIPEG, March 1 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were higher on Wednesday morning, gleaning support from other vegetable oils.

There were moderate upticks in the Chicago soy complex, as well as gains in European rapeseed and Malaysian palm oil. However, pressure from a small downturn in global crude oil prices weighed on the veg oils.

The Canadian dollar was slightly lower with the loonie at 73.39 U.S. cents compared to Tuesday’s close of 73.48.

About 9,150 contracts had traded as of 8:35 CST.

Prices in Canadian dollars per metric tonne at 8:35 CST:

Price      Change

Canola            May     825.70     up  6.50

Jul     820.60     up  6.70

Nov     798.70     up 10.00

Jan     802.20     up  8.90

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