By Glen Hallick, MarketsFarm
WINNIPEG, Feb. 24 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were mostly higher on Wednesday morning, as tight old crop supplies drive up prices.
It’s a similar situation with edible oil ending stocks around the world, with gains in Chicago soyoil and European rapeseed. However, there were moderate declines in Malaysian palm oil today.
The soon-to-expire March canola contract continued to push well above C$800 per tonne, setting new record highs. The more active contracts were setting new highs as well.
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A rising Canadian dollar weighed on values, with the loonie at 79.47 U.S cents compared to Tuesday’s close of 79.35.
There are ideas that canola is becoming overbought, which also tempered gains.
There’s a measure of uncertainty after Canada’s parliament declared China’s treatment of its Uighur minority to be genocide. China increased its imports of the Canadian oilseed this year, and it remains to be seen if that could be jeopardized.
About 12,900 canola contracts had traded as of 8:39 CST.
Prices in Canadian dollars per metric tonne at 8:39 CST:
Price Change
Canola May 775.00 dn 0.60
Jul 739.60 up 1.10
Nov 611.60 up 5.60
Jan 611.70 up 6.00
