WINNIPEG, Dec. 29 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were pushing higher in the old crop contracts on Wednesday morning, attempting to add to yesterday’s sharp increases.
Of note, the soon-to-expire January contract skyrocketed to its daily limit of C$60 per tonne and marked a new contract high.
Outside of gains in Chicago soyoil there was little support from comparable oils. Global crude oil prices were down slightly, which weighed on edible oil values.
Tight supplies and the need to ration demand continued to underpin canola.
The Canadian dollar was slightly higher this morning, with the loonie at 78.05 U.S. cents compared to Tuesday’s close of 77.96.
About 2,700 canola contracts had traded as of 8:47 CST.
Prices in Canadian dollars per metric tonne at 8:47 CST:
Price Change
Canola Jan 1,098.50 up 60.00
Mar 1,024.40 up 5.90
May 997.10 up 4.90
Jul 942.90 dn 6.60
