WINNIPEG, Manitoba-- Intercontinental Exchange canola futures swung higher at midday Wednesday, gleaning support from gains in Chicago soyoil. Only the very sparsely traded May 2024 contract was down slightly.
Canola ended overnight trading on a mixed note, and shortly after Wednesday's session began prices for old and new crops pushed lower. However, as soyoil began to rise, the Canadian oilseed shed its losses.
Pressure on canola came from declines in Chicago soybeans and soymeal, along with European rapeseed. The Malaysian palm oil market was closed Wednesday for a holiday. Sharp decreases in global crude oil were putting a large amount of pressure on the vegetable oils.
An analyst commented that the warm weather on the Canadian Prairies will encourage some farmers to begin their spring planting sooner than they expected. He said there didn't appear to be any pressure on canola from that.
The Canadian dollar was virtually unchanged on Wednesday, with the loonie at 73.42 U.S. cents.
Approximately 13,850 canola contracts were traded as of 11:31 ET.
Prices in Canadian dollars per metric ton at 11:31 ET:
Canola Price Change Jul 714.30 up 4.90 Nov 687.20 up 3.80 Jan 692.00 up 2.80 Mar 692.80 dn 0.90
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
05-03-23 1219ET
