By Marlo Glass, MarketsFarm
WINNIPEG, Nov. 18 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were broadly higher on Wednesday morning, hitting seven-year contract highs.
Gains in comparable vegetable oils were supportive of canola values. Nearby Chicago soyoil contracts were up by about three quarters of a cent, and Malaysian palm oil and European rapeseed also showed strength.
Slight strength in the Canadian dollar prevented further gains for canola. The loonie was around 76.4 U.S. cents in early morning activity.
About 5,500 canola contracts had traded as of 8:50 CST.
Prices in Canadian dollars per metric ton at 8:50 CST:
Price Change
Canola Jan 569.90 up 6.10
Mar 571.50 up 5.60
May 570.80 up 5.30
Jul 567.90 up 4.80
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