WINNIPEG, Manitoba--Intercontinental Exchange canola futures moved higher on Wednesday morning despite losses in the Chicago soy complex.

The complex moved lower with the re-election of United States President Donald Trump, who indicated he will impose tariffs on a variety of goods in 2025.

Sharp declines in crude oil added more pressure on the vegetable oils. However, support for canola came from gains in Malaysian palm oil and European rapeseed.

The January canola contract slipped below its 20- and 200-day moving averages. Crush margins bumped up with the January position exceeding C$124 per tonne above the futures.

The Canadian dollar fell back on Wednesday morning with the loonie dropping to 71.71 U.S. cents compared to Tuesday's close of 72.18.

Approximately 18,100 contracts were traded by 9:34 EST and prices in Canadian dollars per metric ton were: 


 
           Price      Change 
Jan       633.40     up 1.60 
Mar       645.80     up 2.60 
May       654.50     up 3.00 
Jul       659.90     up 3.70

Source: Commodity News Service Canada, news@marketsfarm.com


(END) Dow Jones Newswires

11-06-24 1003ET