WINNIPEG, Manitoba--The ICE Futures canola market extended its rally Wednesday, courtesy of rising prices for most comparable oils.
European rapeseed and Malaysian palm oil were up while crude oil was stronger due to weakness in the U.S. dollar and a drawdown in stockpiles. However, Chicago soyoil was slightly lower.
The Canadian dollar was steady compared with Tuesday's close. Meanwhile, the U.S. Dollar Index fell to its lowest level since May after the Japanese yen rallied.
One analyst described the Chicago soy complex as "suspect" and mentioned lower export demand for the U.S. crop for its relative weakness. The analyst also expects canola to trade within a range of C$600 to C$650 per ton.
About 22,900 contracts have traded at 10:11 a.m. CDT.
Prices in Canadian dollars per metric ton:
Price Change
Canola Nov 628.50 up 7.30
Jan 635.70 up 7.40
Mar 640.80 up 7.20
May 650.50 up 13.00
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
07-17-24 1136ET
