By Glen Hallick
Glacier FarmMedia – Canola futures on the Intercontinental Exchange were higher on Wednesday morning, getting support from other vegetable oils.
There were increases in Chicago soyoil, MATIF rapeseed and Malaysian palm oil, but losses in Chicago soybeans and soymeal. Crude oil was relatively steady, providing little direction to the veg oils.
The March canola remained above most of its major moving averages but lagging behind its 200-day average.
It also pushed above its resistance level of C$650 per tonne. Closing above that mark would be supportive.
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Glacier FarmMedia – Canola futures on the Intercontinental Exchange were boosted by vegetable oils in the middle of Wednesday trading,…
Expectations for renewed canola exports to China continued to underpin the oilseed, there’s still a record large harvest to contend with.
Statistics Canada is set to release its grain stocks as of Dec. 31 report on Friday.
The Canadian dollar was virtually unchanged on Wednesday morning, with the loonie at 73.22 U.S. cents.
Approximately 17,800 contracts had traded by 8:38 CST and prices in Canadian dollars per metric tonne were:
Price Change
Canola Mar 655.10 up 5.80
May 666.60 up 5.80
Jul 675.00 up 5.50
Nov 667.00 up 5.30
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