ICE Canola Midday: Prices Grab on to Gains

WINNIPEG--Canola futures on the Intercontinental Exchange were higher at midday Thursday, although trading had been choppy with prices vacillating between gains and losses.

Support was coming from moderate increases in Chicago soybeans and soymeal, while soyoil held relatively steady. European rapeseed was mixed with a double-digit gain in its nearby May contract, but declines in the remaining positions. However there were strong upticks in Malaysian palm oil.

Despite continued fighting in Ukraine, global crude oil prices were stepping back, which put pressure on the edible oils.

The Russian invasion has seen U.S. winter wheat futures jump again to their daily limit, with spring wheat a little below its ceiling.

The Canadian dollar was slightly lower, with the loonie at 78.83 U.S. cents compared with Wednesday's close of 78.94.

Approximately 9,550 canola contracts were traded as of 11:30 a.m. EST.

Prices in Canadian dollars per metric ton at 11:30 a.m. EST:

 
                 Price     Change 
 
Canola    May  1,070.70  up  9.40 
          Jul  1,044.70  up  6.60 
          Nov    895.10  up 10.60 
          Jan    894.40  up  9.50 
 
 

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

(END) Dow Jones Newswires

03-03-22 1159ET