WINNIPEG, Manitoba--There were gains in the Intercontinental Exchange canola futures at midsession Wednesday, helped by increases in other vegetable oils.
An analyst said the upticks are largely due to a supply shortage of palm oil, with spillover finding its way into canola.
Malaysian palm oil and European rapeseed were higher on the day, along with advances in Chicago soyoil. However, there were declines in Chicago soybeans and soymeal. Modest losses in crude oil added to the pressure on the oilseeds.
Rain is in the Prairie forecast for the growing regions of northern Alberta along with eastern Saskatchewan.
Manitoba Agriculture reported spring planting advanced 17 points on the week at 64% complete, with the province's canola at 41% finished.
The Canadian dollar fell back by late Wednesday morning with the loonie at 72.96 U.S. cents, compared with Tuesday's close of 73.32.
Approximately 19,050 canola contracts were traded as of 11:45 a.m. EDT, with prices in Canadian dollars per metric ton:
Price Change
Canola Jul 674.20 up 5.50
Nov 696.00 up 5.80
Jan 703.40 up 5.20
Mar 709.30 up 3.90
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
05-29-24 1211ET
