WINNIPEG, Manitoba--Intercontinental Exchange canola futures incurred small losses Wednesday morning, due to a lack of support from comparable oils.
Chicago soyoil was virtually unchanged, but there were gains in soybeans and soymeal. European rapeseed was to the downside, but Malaysian palm oil closed higher. Modest upticks in global crude oil prices lent support to the vegetable oils.
Canola crush margins have seen the old crop positions find some stability at C$175 to C$177 per metric ton above the futures.
The Bank of Canada is set to make its next interest rate announcement at 9 am CST. Expectations are for the BoC to freeze their key rate for now.
With shipping disruptions in the Red Sea and with the Panama Canal, Canadian National Railway said Wednesday there could be delays for East Coast ports while shipping volumes for Vancouver and Prince Rupert may spike.
The Canadian dollar was higher Wednesday morning with the loonie at 74.44 U.S. cents, compared with Tuesday's close of 74.19.
Approximately 7,850 contracts had traded by 9:36 a.m. EST and prices in Canadian dollars per metric ton were:
Price Change
Canola Mar 637.50 dn 1.60
May 642.00 dn 1.10
Jul 645.60 dn 1.30
Nov 642.50 up 1.80
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
01-24-24 1003ET
