WINNIPEG – The ICE Futures canola market was stronger Wednesday morning, hitting fresh contract highs in a continuation of Tuesday’s rally.
Gains in outside markets provided spillover support, with crude oil, Chicago Board of Trade soyoil and Malaysian palm oil up as well.
European rapeseed futures were at contract highs and trading at a sizeable premium of over C$200 per tonne above canola. That should encourage exports of Canadian canola to Europe, but the lack of Canadian supplies will likely limit any actual movement.
The ongoing conflict in Ukraine remains a key driver of the grains and oilseeds, with spring seeded crop acreage expected to be cut in half according to the latest reports.
About 6,000 canola contracts had traded as of 8:46 CDT.
Prices in Canadian dollars per metric ton at 8:46 CDT:
Price Change
Canola May 1,174.30 up 17.20
Jul 1,145.10 up 21.20
Nov 975.00 up 17.60
Jan 975.20 up 17.70
