By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures continued upward late Wednesday morning, as a Winnipeg-based analyst credited the upswing to a combination of movements in Chicago soyoil and the Canadian dollar.
Gains in soyoil and recent weakness in the Canadian dollar contributed to the strength in canola, the analyst said. He added last week’s tightening supply projections from Statistics Canada are also supportive.
Support for the Canadian oilseed was coming from upticks in Chicago soybeans and most European rapeseed contracts. Meanwhile, Malaysian palm oil was mixed. Increases in crude oil spilled over into the vegetable oils.
The January canola contract remained above its 20- and 100-day moving averages, and close to its 50-day average.
Approximately 49,100 canola contracts were traded as of 10:50 am CST, with prices in Canadian dollars per metric tonne:
Price Change Canola Jan 623.90 up 2.20 Mar 632.70 up 3.10 May 639.80 up 3.60 Jul 642.30 up 3.30
