By Marlo Glass, MarketsFarm
WINNIPEG, March 25 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were stronger on Wednesday morning, gleaning spillover support from comparable vegetable oils.
Malaysian palm oil, European rapeseed, and soybeans on the Chicago Board of Trade are all stronger today. Financial markets and crude oil have also gained strength, though concerns of COVID-19’s impact on the global economy still linger.
The Canadian dollar remained below 70 U.S. cents, giving canola values a bit of a boost.
About 4,500 canola contracts had traded as of 8:40 CDT.
Prices in Canadian dollars per metric ton at 8:40 CDT:
Canola May 469.00 up 1.50
Jul 477.10 up 1.10
Nov 484.80 up 1.40
Jan 491.60 up 1.70
Futures Prices as of March 25, 2020
Prices are in Canadian dollars per metric ton