By Glen Hallick, MarketsFarm
WINNIPEG, Dec. 1 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures saw gains in the crop month sat midday Wednesday, but there were declines in the new crop positions.
Support for edible oils was coming from gains in global crude oil prices, but a trader said in the long run crude is likely to pull back.
There were moderate increases the Chicago soy complex and European rapeseed, but Malaysian palm oil bucked today’s trend and was lower.
Statistics Canada is scheduled to issue its long-awaited principal crop report on Friday, with the market largely expecting further declines in production figures.
The Canadian dollar was higher, with the loonie at 78.41 U.S. cents compared to Tuesday’s close of 78.17.
Approximately 9,750 canola contracts were traded as of 10:32 CST.
Prices in Canadian dollars per metric tonne at 10:32 CST:
Price Change
Canola Jan 995.90 up 7.90
Mar 964.20 up 4.20
May 927.00 up 2.80
Jul 881.40 up 1.80
