WINNIPEG, Manitoba--The ICE Futures canola market was correcting itself in the middle of trading on Wednesday as strength in vegetable oils were spilling over into the oilseed.
Chicago soyoil, European rapeseed and Malaysian palm oil showed strong gains. Crude oil was up nearly $2 per barrel due to Middle East tensions.
Cooler temperatures continued in the Prairies with warmer temperatures expected to return by the weekend.
The Canadian dollar was up one-third of a United States cent compared to Tuesday's close.
One analyst confirmed that soyoil and rapeseed were lifting canola prices. However, he warned that soybean prices could put pressure on canola.
About 22,200 contracts have traded at 10:15 CDT.
Prices in Canadian dollars per metric tonne:
Price Change
Nov 592.70 up 5.10
Jan 601.40 up 5.10
Mar 608.20 up 4.40
May 613.10 up 5.30
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
08-07-24 1143ET
