WINNIPEG--Intercontinental Exchange canola futures moved higher at midday Thursday as support came from comparable oils and news from Canadian National Rail, according to a trader.
With the latest deluge of rain in southern British Columbia, Canadian National closed its Kamloops to Vancouver corridor and said it wouldn't reopen until the weekend. The railway is also redirecting some trains to Prince Rupert.
Additional support for canola came from strong upticks in European rapeseed and gains in the Chicago soy complex.
Meanwhile, there were moderate declines in Malaysian palm oil.
Positioning ahead of Friday's production report from Statistics Canada was also a feature. The trader said it is somewhat uncertain if "small crops are going to get smaller."
However, expectations have been pointing toward further cuts to canola, wheat and other major crops.
The trader noted there is volatility in the crude-oil market.
Currently, global benchmark prices were higher, which lent support to edible oils.
The Canadian dollar was lower at 78.06 U.S. cents compared to Wednesday's close of 78.27.
Approximately 8,850 canola contracts were traded as of 11:37 a.m. EST.
Prices in Canadian dollars per metric ton:
Price Change
Canola
Jan 1,011.10 up 16.80
Mar 978.90 up 11.60 May 937.00 up 6.80 Jul 887.60 up 3.20
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
12-02-21 1221ET
