By Marlo Glass, MarketsFarm
WINNIPEG, Feb. 12 (MarketsFarm) – The ICE Futures canola market was higher on Wednesday, regaining some losses from earlier in the week.
A stronger tone for soyoil on the Chicago Board of Trade was supportive of canola values. The soy complex was supported by the World Agriculture Supply Demand Estimates (WASDE) from the United States Department of Agriculture (USDA). Soybean stocks for the end of the current marketing year are forecast at 425 million bushels, which was 50 million bushels lower than last month’s estimate.
European rapeseed and Malaysian palm oil were also in the green at the start of trade, which gave canola a boost.
The Canadian dollar was relatively stronger this morning, which provided some support to canola. The dollar was around 75.4 U.S. cents on Wednesday morning.
About 7,700 canola contracts had traded as of 8:35 CST.
Prices in Canadian dollars per metric ton at 8:35 CST:
Canola Mar 461.50 up 2.30
May 470.60 up 2.20
Jul 477.20 up 1.90
Nov 484.00 up 1.80