WINNIPEG--Intercontinental Exchange (ICE) canola futures were higher Wednesday morning, with the nearby March and May contracts approaching contract highs.
Support was coming from gains in Chicago soyoil, European rapeseed and Malaysian palm oil. Small increases in global crude oil prices also were supportive of edible oil values.
Additional support came from tight canola supplies and the ongoing need for price rationing. However, the Canadian oilseed could be seen as overvalued.
Declines in Chicago soybeans and soymeal tempered further gains in canola.
Cold weather warnings have been issued for most of Prairies with wind-chills of minus 35 to 45 Celsius Wednesday.
The Canadian dollar was relatively steady Wednesday morning, with the loonie at 78.65 U.S. cents compared with Tuesday's close of 78.69.
About 5,000 canola contracts had traded as of 9:37 a.m. ET.
Prices in Canadian dollars per metric tonne at 9:37 a.m. ET:
Price Change
Canola
Mar 1,026.70 up 5.30
May 1,006.10 up 7.70
Jul 956.50 up 6.50
Nov 794.80 up 9.80 Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
01-05-22 1008ET
