By Glen Hallick
Glacier Farm Media | MarketsFarm – Intercontinental Exchange canola futures were higher on Wednesday morning, looking to build on overnight increases.
Support for canola came from gains in the Chicago soy complex, European rapeseed and Malaysian palm oil. Slight losses in crude oil tempered further increases in the vegetable oils.
The Prairie rains this week and those in the forecast are expected to “preserve what we have,” an analyst said about the region’s crops.
The November canola contract was near its 20- and 50-day moving averages, which are only 33 cents apart.
The Canadian dollar pushed higher on Wednesday morning, with the loonie at 73.52 U.S. cents compared to Tuesday’s close of 73.34.
Approximately 10,150 contracts were traded by 8:35 CDT and prices in Canadian dollars per metric tonne were:
Price Change Canola Nov 698.80 up 8.80 Jan 708.60 up 8.40 Mar 715.20 up 8.60 May 720.00 up 8.50
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/
