ICE Canada Morning Comment: More gains for canola

By Glen Hallick

Glacier FarmMedia – Canola futures on the Intercontinental Exchange were higher on Wednesday morning, shedding overnight losses.

The Chicago soy complex turned around as well, with strong gains in soyoil. MATIF rapeseed and Malaysian palm oil were also on the rise.

Following overnight attacks in the Middle East war, crude oil was stronger, lending support to the veg oils.

As the recent jump in canola may spark more farmer selling, it might discourage foreign buyers, as ample supplies loom over the market.

The May canola contract remained handily above its major moving averages. The oilseed’s crush margins held firm with the May position at about C$279 per tonne above the futures.

Ahead of the Bank of Canada’s interest rate announcement Wednesday morning, the Canadian dollar eased back with the loonie at 72.91 U.S. cents compared to Tuesday’s close of 73.00.

Approximately 26,900 contracts had been traded by 8:37 CDT and prices in Canadian dollars per metric tonne were:     

                          Price      Change

Canola            May     736.60     up  7.10

                  Jul     746.10     up  7.30

                  Nov     732.30     up  5.00

                  Jan     736.60     up  5.00

To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/.

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