By Glen Hallick, MarketsFarm
WINNIPEG, Feb. 12 (MarketsFarm) – ICE Futures canola contracts were trading higher Wednesday, on gains in the Chicago soy complex and a jump in European rapeseed prices.
“It’s the [edible] oils that took it up, but it’s come off a bit from earlier highs,” commented a Winnipeg-based trader about canola.
He also noted canola was getting some support from Chicago corn and the stock markets, which are higher today.
The trader noticed the blockades of commercial traffic at several points across Canada has yet to affect prices. There have been dozens of protests in support of the Wet’suwet’en in its fight against the Coastal GasLink Pipeline across its traditional territory in British Columbia.
So far today, the Canadian dollar was higher at 75.41 U.S. cents compared to Tuesday’s close of 75.23 U.S. cents.
Approximately 19,100 canola contracts were traded as of 10:17 CST.
Prices in Canadian dollars per metric tonne at 10:17 CST:
Canola Mar 463.00 up 3.60
May 472.20 up 3.60
Jul 478.60 up 3.30
Nov 485.50 up 3.30