ICE Canola Takes a Step Upward Midday

WINNIPEG, Manitoba--The ICE Futures canola market was slightly higher on Wednesday amid mixed sentiment in comparable oils.

European rapeseed was up, but Chicago soyoil and Malaysian palm oil saw declines. Meanwhile, crude oil was virtually unchanged despite an upcoming OPEC+ meeting on supply.

The Canadian dollar was down nearly one-tenth of a U.S. cent compared with Tuesday's close.

Prior to Statistics Canada's next principal field crop production report on Dec. 4, the average trade estimate for 2023-24 canola was 18.3 million metric tons, from a range between 17.2 million and 19.7 million metric tons.

One trader said that canola's rise is going against fundamentals and price movement in the Chicago soy complex. The trader also mentioned that local elevators are currently very reluctant to take new product.

About 21,900 contracts have traded at 10:20 a.m. CST.

Prices in Canadian dollars per metric ton:

 
                  Price    Change 
Canola       Jan  709.90  up 2.30 
             Mar  713.90  up 2.40 
             May  719.00  up 2.00 
             Jul  723.50  up 2.30 
 
 

Source: Commodity News Service Canada, [e-mail]

(END) Dow Jones Newswires

11-29-23 1155ET