ICE Canada Morning Comment : March, May Canola Edge Higher

WINNIPEG, Manitoba--Intercontinental Exchange (ICE) canola futures were mostly higher on Thursday morning, with gains in the front months.

There's support coming from Chicago soybeans and soyoil, along with Malaysian palm oil. European rapeseed was mixed with declines in its front months and increases in its deferred positions and Chicago soymeal was lower. Global crude oil prices were down slightly, which added pressure on edible oils.

Tight supplies and price rationing continued to underpin canola.

The Canadian dollar was relatively steady this morning, with the loonie at 80.09 U.S. cents, compared to Wednesday's close of 80.05.

About 3,250 canola contracts had traded as of 9:38 EST.

 
Prices in Canadian dollars per metric ton at 9:38 EST: 
 
                          Price         Change 
Canola      Mar         1,004.50        up 3.80 
            May           981.40        up 0.40 
            Jul           942.10        dn 3.70 
            Nov           799.80        dn 4.70 
 

Source: Commodity News Service Canada, [e-mail]

(END) Dow Jones Newswires

01-20-22 1017ET