By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures incurred small losses on Wednesday morning, due to a lack of support from comparable oils.
Chicago soyoil was virtually unchanged, but there were gains in soybeans and soymeal. European rapeseed was to the downside, but Malaysian palm oil closed higher. Modest upticks in global crude oil prices lent support to the vegetable oils.
Canola crush margins have seen the old crop positions find some stability at C$175 to C$177 per tonne above the futures.
Read Also
North American grain/oilseed review: Canola up with speculative positioning to end week
Glacier FarmMedia — The ICE Futures canola market was stronger on Friday, as chart-based positioning ahead of the weekend provided…
The Bank of Canada is set to make its next interest rate announcement at 9 am CST. Expectations are for the BoC to freeze their key rate for now.
With shipping disruptions in the Red Sea and with the Panama Canal, Canadian National Railway said today there could be delays for East Coast ports while shipping volumes for Vancouver and Prince Rupert may spike.
The Canadian dollar was higher Wednesday morning with the loonie at 74.44 U.S. cents compared to Tuesday’s close of 74.19.
Approximately 7,850 contracts had traded by 8:36 CST and prices in Canadian dollars per metric tonne were:
Price Change Canola Mar 637.50 dn 1.60 May 642.00 dn 1.10 Jul 645.60 dn 1.30 Nov 642.50 up 1.80
