WINNIPEG, Manitoba--Intercontinental Exchange canola futures were stronger Wednesday morning, continuing with the gains made in the overnight session.
Support is coming from sharp upticks in European rapeseed and Malaysian palm oil, along with increases in the Chicago soy complex.
Ongoing issues with tight supplies and production uncertainty also underpinned canola values.
Declines in the crude oil market did not seem to be holding back the rise in edible oils. The shifts in crude oil have a direct effect on biofuels, which in turn influence oilseed prices.
The Canadian dollar was lower this morning, with the loonie at 79.28 U.S. cents, compared with Tuesday's close of 79.52.
Good weather will continue to push along the last of the Prairie harvest with highs in the south and eastern regions pushing into the mid to high 20 degrees Celsius, with very little chance of rain. However, temperatures across Alberta will be much cooler at five to 15 C, with a chance of snow in the Peace River region.
Manitoba issued its weekly crop report late Tuesday afternoon, showing the harvest of all major crops was 95% complete, with canola at 98% done.
About 6,800 canola contracts had traded as of 9:35 EDT.
Prices in Canadian dollars per metric ton at 9:35 EDT:
Price Change
Canola Nov 933.40 up 11.10
Jan 919.80 up 12.00
Mar 905.00 up 13.80
May 878.00 up 11.80
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
10-06-21 1004ET
