ICE canola stronger on Wednesday

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:

Price Change
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

Futures Prices as of February 12, 2020

Canola
Price Change
Milling Wheat
1970-01-01 00:00
Price Change
Durum
1970-01-01 00:00
Price Change
New Barley
1970-01-01 00:00
Price Change

Prices are in Canadian dollars per metric ton

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