Glacier FarmMedia MarketsFarm – The ICE Futures canola market was slightly higher on Wednesday amid mixed sentiment in comparable oils.
European rapeseed was up, but Chicago soyoil and Malaysian palm oil saw declines. Meanwhile, crude oil was virtually unchanged despite an upcoming OPEC+ meeting on supply.
The Canadian dollar was down nearly one-tenth of a United States cent compared to Tuesday’s close.
Prior to Statistics Canada’s next principal field crop production report on Dec. 4, the average trade estimate for 2023-24 canola was 18.3 million tonnes, from a range between 17.2 million and 19.7 million.
One trader said that canola’s rise is going against fundamentals and price movement in the Chicago soy complex. The trader also mentioned that local elevators are currently very reluctant to take new product.
About 21,900 contracts have traded at 10:20 CST. Prices in Canadian dollars per metric tonne:
Price Change
Jan 709.90 up 2.30
Mar 713.90 up 2.40
May 719.00 up 2.00
Jul 723.50 up 2.30
