By Glen Hallick, MarketsFarm
WINNIPEG, Jan. 27 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts hit new highs on Wednesday morning, due to spillover from strong Chicago soyoil values.
The March canola contract reached C$710 per tonne earlier in today’s session. Until this week, canola has not been over C$700 since 2008.
There was additional support from gains in Malaysian palm oil and European rapeseed.
Concerns about tight canola ending stocks remain a supportive factor.
The Canadian dollar was lower at 78.17 U.S. cents, compared to Tuesday’s close of 78.73.
About 7,900 canola contracts had traded as of 8:43 CST.
Prices in Canadian dollars per metric tonne at 8:43 CST:
Price Change
Canola Mar 708.30 up 15.10
May 671.50 up 7.60
Jul 650.40 up 7.60
Nov 557.00 up 3.70
