ICE Canola Midday: Benefitting from spillover
Gains in veg oils keeping canola positive
By Glen Hallick
Glacier Farm Media MarketsFarm – There were gains in the Intercontinental Exchange canola futures at midsession Wednesday, helped by increases in other vegetable oils.
An analyst said the upticks are largely due to a supply shortage of palm oil, with spillover finding its way into canola.
Malaysian palm oil and European rapeseed were higher on the day, along with advances in Chicago soyoil. However there were declines in Chicago soybeans and soymeal. Modest losses in crude oil added to the pressure on the oilseeds.
Rain is in the Prairie forecast for the growing regions of northern Alberta along with eastern Saskatchewan.
Manitoba Agriculture reported spring planting advanced 17 points on the week at 64 per cent complete, with the province’s canola at 41 per cent finished.
The Canadian dollar fell back by late Wednesday morning with the loonie at 72.96 U.S. cents, compared to Tuesday’s close of 73.32.
Approximately 19,050 canola contracts were traded as of 10:45 am CDT, with prices in Canadian dollars per metric tonne:
Price Change Canola Jul 674.20 up 5.50 Nov 696.00 up 5.80 Jan 703.40 up 5.20 Mar 709.30 up 3.90
