By Glen Hallick, MarketsFarm
WINNIPEG, Feb. 9 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were higher on Tuesday morning, getting support from comparable edible oils.
Chicago soyoil was up by about a half cent per pound, and there were gains in European rapeseed as well as Malaysian palm oil.
Frigid temperatures across the Prairies are a limiting factor in the amount of canola that’s being delivered by producers and moved by rail.
The United States Department of Agriculture is scheduled to release its monthly supply and demand report today at 11 CST. Lower ending stocks for soybeans and corn are widely expected to be featured.
Ongoing concerns about tight canola ending stocks were also supportive.
The Canadian dollar was relatively steady at 78.39 compared to Monday’s close of 78.41.
About 5,200 canola contracts had traded as of 8:39 CST.
Prices in Canadian dollars per metric tonne at 8:39 CST:
Price Change
Canola Mar 701.10 up 4.80
May 688.00 up 4.40
Jul 661.20 up 2.00
Nov 567.10 up 3.50
