WINNIPEG – The ICE Futures canola market was up sharply Wednesday morning, posting gains in the most active new crop months for the fourth-straight session.
Persistent Prairie weather concerns provided underlying support, with hot temperatures and only minimal precipitation in the forecasts over the next week.
Early gains in Chicago Board of Trade soyoil futures provided spillover support. Malaysian palm oil and European rapeseed futures were also up overnight.
The Canadian dollar was stronger Wednesday morning, tempering the upside in canola somewhat.
About 6,600 canola contracts had traded as of 8:44 CDT, with the narrowing of the old/new crop spread a feature.
Prices in Canadian dollars per metric ton at 8:44 CDT:
Canola Jul 763.00 up 20.70
Nov 725.20 up 17.30
Jan 724.00 up 14.40
Mar 720.00 up 13.40