WINNIPEG, Manitoba--The ICE Futures canola market made modest gains in the middle of Wednesday trading, finding support from comparable oils.
Crude oil extended its recent rally driven by upcoming supply cuts from OPEC+. Chicago soyoil, European rapeseed and Malaysian palm oil were also higher. One analyst said spillover from crude oil along with funds entering into commodities provided canola prices with a boost. However, the upcoming influx of soyoil from Argentina into the market and potential resistance for crude oil prices at US$90 per barrel could end the rally.
The Canadian dollar was up three-tenths of a United States cent compared to Tuesday's close, limiting canola's gains.
The Foothills in Alberta could get up to 40 centimetres of snow through Friday, with Calgary expected to see 10 to 15 cm. Meanwhile, the eastern half of the Prairies is to remain dry with high temperatures above 10 degrees Celsius.
About 25,300 contracts have traded at 10:25 CDT.
Prices in Canadian dollars per metric tonne:
Price Change
May 636.90 up 1.60
Jul 645.70 up 1.60
Nov 653.90 up 1.80
Jan 661.20 up 2.30
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
04-03-24 1157ET
