ICE Midday: Canola treading water with crude oil support

Glacier FarmMedia MarketsFarm – The ICE Futures canola market recovered from earlier losses on Wednesday as the result of rising comparable oils.

Chicago soyoil, European rapeseed and Malaysian palm oil were all in positive territory. Meanwhile, crude oil was up more than US$2 per barrel after protests have shut down Libya’s Sharara oil field.

The Canadian dollar was down nearly two-tenths of a U.S. cent compared to Tuesday’s close.

One trader said that while external factors such as higher crude oil prices can have an effect on canola prices, soybean prices moving upward after hitting a technical level are also supporting canola.

About 16,400 contracts have traded at 10:21 CST. Prices in Canadian dollars per metric tonne:

Price          Change

Mar 644.70     up  1.60

May 652.40     up  0.80

Jul 658.30     up  0.30

Nov 656.90     up  0.80

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