WINNIPEG--Intercontinental Exchange canola futures were higher on Wednesday, getting support from modest gains in the Chicago soy complex.

However, pressure was coming from declines in European rapeseed and Malaysian palm oil. Small losses in global crude-oil prices contributed additional pressure on vegetable oils.

Australia projected its 2022-23 canola harvest should exceed seven million metric tons, which will increase that country's exports at the expense of Canada's.

The Canadian Grain Commission recently issued its monthly export report, showing outbound movements of canola were 1.29 million tons in October. That's a jump of almost 32% compared to October 2021. Also, the year-to-date canola exports to China have ballooned 107% at 749,700 tons.

"The exports to China are the fastest in more than 10 years," an analyst said.

Canola crush margins increased slightly from Tuesday, but they remain well below the record levels reached in November.

The Canadian dollar was higher on Wednesday at 73.41 U.S. cents, compared to Tuesday's close of 73.27.

Approximately 14,400 canola contracts were traded as of 11:21 a.m. EST.


Prices in Canadian dollars per metric ton:


Price Change


Canola

Jan 855.50 up 6.00

Mar 845.50 up 5.80

May 847.40 up 5.00

Jul 848.80 up 3.80


Source: Glen Hallick, Commodity News Service Canada


(END) Dow Jones Newswires

12-07-22 1151ET