By Glen Hallick, MarketsFarm
WINNIPEG, March 10 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures mixed on Thursday morning, with gains in the more heavily-traded old crop months, while the new crop positions were lower.
Support was coming from a strong upswing in the Chicago soy complex, but European rapeseed was mixed, while Malaysian palm oil was sharply lower. Due to the war in Ukraine, global crude oil prices were again spiking, which underpinned edible oils.
Tight supplies and uncertainty over the coming spring melt on the Prairies were supportive of canola as well.
The Canadian dollar was slightly higher on Thursday morning with the loonie at 78.10 U.S. cents, compared to Wednesday’s close of 78.00.
About 2,350 canola contracts had traded as of 8:35 CST.
Prices in Canadian dollars per metric tonne at 8:35 CST:
Price Change
Canola May 1,135.80 up 10.60
Jul 1,101.00 up 9.50
Nov 926.30 dn 1.60
Jan 924.40 dn 2.40
