ICE canola stronger Wednesday morning

By Marlo Glass, MarketsFarm
WINNIPEG, Nov. 20 (MarketsFarm) – The ICE Futures canola market was slightly higher on Wednesday morning, following pricing trends set earlier in the week.
Canola values gained support from other vegetable oils. In particular, a strong tone from the soy complex on the Chicago Board of Trade provided spillover support to canola.
A slightly weaker Canadian dollar was also supportive of prices. The dollar was around 75.28 U.S. cents on Wednesday morning.
Employees at CN Rail have gone on strike, which could impact moving canola to export positions and put pressure on values. Provincial growers’ organizations have called for the federal government to intervene in the strike.
About 3,500 canola contracts had traded as of 8:40 CST.
Prices in Canadian dollars per metric ton at 8:40 CST:
Price Change
Canola Jan 466.60 up 1.30
Mar 475.20 up 1.10
May 482.90 up 1.00
Jul 490.30 up 1.40

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