ICE canola gain strength on Wednesday

By Marlo Glass, MarketsFarm
WINNIPEG, Oct. 30 (MarketsFarm) – The ICE Futures canola market was slightly higher on Wednesday morning, boosted by stronger values for Malaysian palm oil, European rapeseed, and soybeans on the Chicago Board of Trade.
Palm oil on the Dalian exchange hit an 18-month high overnight, due to expectations of lower production. The soy complex in Chicago was slightly stronger despite a lack of fresh news regarding the trade war between the United States and China.
The Canadian dollar was around 76.34 U.S. cents on Thursday morning, which weighed on canola values. The dollar has been over 76 cents for nearly two weeks straight.
About 2,400 canola contracts had traded as of 8:30 CDT.
Prices in Canadian dollars per metric ton at 8:30 CDT:
Price Change
Canola Nov 452.20 up 0.80
Jan 461.90 up 0.90
Mar 471.10 up 1.10
May 479.40 up 0.90

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