Ice Canada Morning Comment : Comparable Oils Push Canola Higher

WINNIPEG, Manitoba--Intercontinental Exchange canola futures continued to climb higher on Wednesday morning, propelled by spillover from comparable oils.

Support for canola came from gains in Chicago soybeans and soyoil, along with those in European rapeseed and Malaysian palm oil. Meanwhile, Chicago soymeal eased back. Modest increases in global crude oil prices spilled over into the oilseeds.

The May contract for the Canadian oilseed was closing in on its 100-day moving average.

Canola crush margins were relatively steady with the old crop positions just short of C$168 per tonne above the futures.

The Canadian dollar was relatively steady on Wednesday morning, with the loonie at 73.70 U.S. cents compared to Tuesday's close of 73.68.

Approximately 13,250 contracts had traded by 9:35 ET and prices in Canadian dollars per metric ton were:

Canola 
         Price    Change 
May      643.50   up 8.20 
Jul      651.90   up 7.80 
Nov      660.00   up 7.90 
Jan      666.60   up 7.70 
 

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

(END) Dow Jones Newswires

04-03-24 1006ET