ICE Canada Morning Comment : Canola on the Rise

WINNIPEG, Manitoba--Intercontinental Exchange (ICE) canola futures were higher on Thursday morning, continuing with the gains made during the overnight session.

Support was coming from gains in Chicago soyoil, Malaysian palm oil and European rapeseed. These were receiving spillover from more upticks in global crude oil prices. Chicago soybeans were narrowly mixed and soymeal was down slightly.

Tight supplies and price rationing continued to underpin canola values.

A stronger U.S. dollar saw the Canadian dollar pull back on Thursday morning. The loonie was at 78.89 U.S. cents, compared to Wednesday's close of 79.33.

About 6,350 canola contracts had traded as of 9:36 EST.

 
Prices in Canadian dollars per metric ton at 9:36 EST: 
 
                          Price         Change 
Canola      Mar         1,001.60        up 4.10 
            May           998.10        up 6.30 
            Jul           976.50        up 3.30 
            Nov           837.80        up 2.80 
 

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

(END) Dow Jones Newswires

01-27-22 1003ET