ICE Grain/Oilseed Review : Stronger Comparable Oils Bring Canola Higher

WINNIPEG--Canola futures on the Intercontinental Exchange saw more gains Wednesday, getting support from increases in comparable oils.

Good upticks in global crude-oil prices spilled over into vegetable oils. That spurred sharp upswings in the Chicago soy complex and European rapeseed, along with much more moderate gains in the off session of Malaysian palm oil.

Despite some seasonably cool temperatures on the eastern Prairies, the entire region remains forecast to warm up by the weekend.

Manitoba reported its crops are in good shape, although the wet conditions in the province have raised concerns for fungal diseases.

Canadian National Railway saw its second-quarter revenues beat expectations due to higher freight rates and fuel charges. The railway earned C$4.34 billion. That was 6.4% above projections and 21% more than the same quarter last year.

The Canadian dollar was on the rise at mid-afternoon as the U.S. dollar turned lower. The loonie rose to 77.83 U.S. cents, compared to Tuesday's close 77.62.

There were 18,385 contracts traded on Wednesday, which compares with Tuesday when 21,018 contracts changed hands. Spreading accounted for 9,016 contracts traded.

Settlement prices are in Canadian dollars per metric ton.

Price Change

Canola

Nov 824.40 up 10.60

Jan 833.20 up 11.10

Mar 841.50 up 11.00

May 848.50 up 10.60

Spread trade prices are in Canadian dollars and the volume represents the number of spreads:

 
   Months  Prices                    Volume 
 

Nov/Jan 8.20 under to 8.80 under 1,787

   Nov/Mar 16.30 under to 17.10 under   62 
   Nov/May 23.40 under to 24.50 under   18 
   Nov/Jul 29.00 under to 30.00 under    5 

Jan/Mar 7.90 under to 8.50 under 1,088

   Mar/May  6.80 under to 7.50 under   787 
   May/Jul  4.30 under to 5.50 under   665 
   Jul/Nov 42.50 over to 41.00 over     96 
 

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

(END) Dow Jones Newswires

07-27-22 1548ET