ICE Canada Morning Comment : Spike in Edible Oils Pushes Up Canola

WINNIPEG, Manitoba--Intercontinental Exchange (ICE) canola futures were stronger Tuesday morning, getting support from a surge in edible oils.

There were sharp gains in European rapeseed and Malaysian palm oil, along with significant upticks in Chicago soyoil. Chicago soybeans were up slightly while soymeal stepped back a little.

Tight supplies and uncertainty over the 2021 crop continued to underpin canola values.

Daytime highs across the Prairies will see for a second day temperatures in the western half in the mid to high teens Celsius, as those in the eastern half are to be in the low to mid 20's. The entire region is unlikely to see much in the way of rain until the weekend at the earliest.

The Canadian dollar was relatively steady this morning, with the loonie at 79.42 U.S. cents, compared to Monday's close of 79.47.

About 8,350 canola contracts had traded as of 9:36 EDT.

Prices in Canadian dollars per metric tonne at 9:36 EDT:

 
                Price      Change 

Canola

   Nov          917.70    up 10.60 
   Jan          903.70    up 11.20 
   Mar          887.00    up 10.60 
   May          859.40    up 8.90 
 

Source: Commodity News Service Canada

Write to Glen Hallick at [e-mail]

(END) Dow Jones Newswires

10-05-21 1004ET