ICE Canada Morning Comment: Canola Riding Gains in Comparable Oils

WINNIPEG, Manitoba--Intercontinental Exchange canola futures were higher on Tuesday morning, getting support from comparable oils.

Concerns over dry conditions in South America continued to fuel increases in the Chicago soy complex. Also, there were gains in European rapeseed and Malaysian palm oil. Increases in crude oil were spilling over into the vegetable oils.

Grain workers at the Port of Vancouver could be walking the picket line today by 7 am PDT (10 am EDT). Local 333 of the Grain Workers Union said employers represented by the Vancouver Terminal Elevators Association have put in little effort into negotiations. The Grain Growers of Canada called on the federal government to intervene in the labor dispute as 52 percent of Canada's grain exports go through Vancouver.

The November canola contract was above its 20-day moving average and approaching its 50-day average.

The Canadian dollar was higher on Tuesday morning with the loonie at 74.16 U.S. cents compared to Monday's close of 74.02.

Approximately 9,600 contracts were traded by 9:35 EDT and prices in Canadian dollars per metric tonne were:

 
 Canola 
        Price   Change 
  Nov   595.80  up 8.50 
  Jan   608.60  up 7.90 
  Mar   619.70  up 7.00 
  May   629.30  up 8.20 
 

Source: Commodity News Service Canada, news@marketsfarm.com

(END) Dow Jones Newswires

September 24, 2024 10:04 ET (14:04 GMT)

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