WINNIPEG – The ICE Futures canola market made gains on Wednesday, receiving a large amount of support from comparable oils.
Chicago soyoil was up more than one United States cent per pound, while European rapeseed and Malaysian palm oil were also higher. Crude oil gained approximately two U.S. dollars per barrel after a large draw from already depleted U.S. stockpiles.
The Canadian dollar was steady compared to Tuesday’s close.
One analyst said that the sharp rise in crude oil gave vegetable oils a lift and, in turn, raised canola prices. The analyst also said the short-selling pressure seen last week is practically finished.
Northern and central regions of the Prairies will see rain showers today with high temperatures below 20 degrees Celsius. In southern parts, there will be warmer conditions and sunny skies.
About 31,300 contracts had traded at 10:17 CDT. Prices in Canadian dollars per metric tonne:
Price Change
Nov 727.60 up 13.40
Jan 735.40 up 12.10
Mar 740.90 up 11.50
May 744.10 up 9.70
