By Glen Hallick
Glacier FarmMedia – Canola futures on the Intercontinental Exchange were posting small increases mid-session Wednesday, getting spillover support from strong gains in Chicago soyoil.
The gains in both vegetable oils were running contrary to the sharp declines in crude oil.
“The market is trying to get its head around Trump’s 15-point plan,” an analyst said regarding the ceasefire offer United States President Donald Trump sent to Iran earlier today.
As news of that plan sent crude prices tumbling, the veg oils were slow to react. Malaysian palm oil was lower and MATIF rapeseed was narrowly mixed. Chicago soybeans were higher, but soymeal was pulling back.
Read Also
U.S. Grain/Oilseed Review: Soybeans, corn, wheat on the rise
SOYBEAN futures at the Chicago Board of Trade were stronger on Wednesday, shrugging off sharp losses in crude oil, which…
The May canola contract returned above its 20-day average as it regained its losses from earlier in the session.
The Canadian dollar was weaker late Wednesday morning with the loonie at 72.47 U.S. cents, compared to Tuesday’s close of 72.67.
Approximately 39,150 canola contracts were traded as of 10:40 a.m. CDT, with prices in Canadian dollars per metric tonne:
Canola May 725.90 up 2.00
Jul 738.50 up 1.40
Nov 732.00 up 1.80
Jan 736.60 up 1.80
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/.
Stay informed with our daily market videos. Each video quickly covers key futures moves, price trends, and market signals that matter to Canadian farmers. Get clear, timely insights in just a few minutes. Bookmark https://www.producer.com/markets-futures-prices/videos.
