WINNIPEG, Manitoba--Intercontinental Exchange canola futures were higher on Wednesday, due to sharp increases in Chicago soyoil and soybeans. Additional support came from upticks in most MATIF rapeseed contracts.
Steep declines in crude oil had little effect on most vegetable oils, with losses in Malaysian palm oil.
An analyst said those hikes in soyoil may have been on speculation over the United States biofuel policy announcement on Friday, with spillover going into canola.
The May canola contract held above its 20-day moving average after slipping below it earlier in the session.
Canola crush margins dipped after yesterday's close, with the May position close to C$294 per ton above the futures.
The Canadian dollar was lower on Wednesday afternoon, with the loonie at 72.40 U.S. cents, compared to Tuesday's close of 72.67.
There were 59,807 contracts traded on Wednesday, compared to 57,678 on Tuesday. Spreading accounted for 38,206 contracts traded.
Prices are in Canadian dollars per metric ton: Canola Price Change May 727.20 up 3.30 Jul 739.90 up 2.80 Nov 734.10 up 3.90 Jan 739.50 up 4.70 Spread trade prices are in Canadian dollars and the volume represents the number of spreads: Months Prices Volume May/Jul 12.30 under to 13.40 under 9,389 May/Nov 5.50 under to 7.40 under 661 May/Jan 10.00 under to 12.30 under 10 Jul/Nov 6.90 over to 5.50 over 6,524 Jul/Jan 2.00 over to 0.40 over 152 Nov/Jan 4.50 under to 5.60 under 2,046 Nov/Jul 9.40 under to 9.90 under 1 Jan/Mar 2.70 under to 3.70 under 165 Jan/Jul 2.90 under to 4.00 under 43 Mar/May 0.10 under to 1.10 under 58 May/Jul 0.50 over to 0.20 under 40 Jul/Nov 29.00 over to 20.20 over 14
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
03-25-26 1518ET
