Glacier FarmMedia – Canola futures on the Intercontinental Exchange were slightly higher on Wednesday with mixed sentiment in comparable oils.
Chicago soyoil and Malaysian palm oil were down, while European rapeseed was up. Crude oil gained more than US$1 per barrel after the American Petroleum Institute reported draws in United States crude oil and gasoline stocks.
An analyst said canola production estimates for this year’s crop are leaning towards 22 million tonnes. A lack of buying opportunities has led to more concerns from growers. However, he also said the cash basis for canola in the Prairies is improving.
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The Canadian dollar was up more than one-tenth of a U.S. cent compared to Tuesday’s close.
About 23,600 canola contracts have traded at 10:22 CDT. Prices in Canadian dollars per metric tonne:
Price Change
Nov 615.90 up 0.30
Jan 630.40 up 0.30
Mar 642.80 up 1.30
May 652.70 up 0.80
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/
