By Marlo Glass, MarketsFarm
WINNIPEG, Oct. 7 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were higher on Wednesday morning, gleaning spillover support from comparable vegetable oils.
Nearby Chicago soyoil contracts were up by over a quarter of a cent in early morning trade, contributing to the higher tone for canola. Malaysian palm oil was also slightly higher in early morning trade, though European rapeseed showed losses.
A firm tone in the Canadian dollar capped further gains for canola, as it was around 75.3 United States cents.
About 6,000 canola contracts had traded as of 8:40 CDT.
Prices in Canadian dollars per metric ton at 8:40 CDT:
Price Change
Canola Nov 527.00 up 1.50
Jan 533.90 up 2.40
Mar 540.40 up 2.70
May 541.00 up 1.40
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