ICE Canada Morning Comment : Canola on the Rise With Edible Oils

WINNIPEG, Manitoba--Intercontinental Exchange (ICE) canola futures were steady to higher on Wednesday morning, as the most actively traded contracts recouped a portion of the losses they incurred this week.

The sharp upticks in global crude oil prices were providing support to edible oils. In turn, there are increases in the Chicago soy complex and European rapeseed. The Malaysian palm oil market remained closed for a holiday.

In Western Canada, it is a tale of two Prairies when it comes to spring planting. It is underway in the west, but with a wary eye on the dry conditions. In the east, wet conditions in many areas have delayed seeding until mid-month, especially in southern Manitoba.

Statistics Canada is scheduled to publish its report on grain stocks as of March 31 on Friday. Trade expectations are for the report to highlight the tightness of canola stocks.

The Canadian dollar regained some lost ground on Wednesday morning with the loonie at 78.03 U.S. cents, compared to Tuesday's close of 77.84.

About 3,450 canola contracts had traded as of 9:34 EDT.

 
Prices in Canadian dollars per metric ton at 9:34 EDT: 
 
                         Price           Change 
Canola      Jul         1,141.70        up 10.60 
            Nov         1,065.10        up 12.30 
            Jan         1,072.20        up 15.70 
            Mar         1,055.30        unchanged 
 

Source: Commodity News Service Canada, news@marketsfarm.com

(END) Dow Jones Newswires

05-04-22 1002ET