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ICE Canola Chalks Up Gains in Advance of EPA Announcement

WINNIPEG, Nov 30, 2017 (Commodity News Service Canada, Inc. via COMTEX) --

Canola contracts on the ICE Futures Canada platform were stronger on Thursday, following gains in Malaysian palm oil and U.S. soyoil.

The U.S. Environmental Protection Agency is widely expected to extend the 2017 bio-fuel blending requirement in an announcement later today.

Demand for canola remains strong and the domestic crush is similar to last year's record pace.

Traders have begun taking positions in advance of next week's production estimates from Statistics Canada.

However, losses in U.S. soybeans limited the gains.

Rain in Argentina has improved soil conditions for that country's soybean crop, which was bearish.

Prices in Canadian dollars per metric ton at 8:55 CST:

                          Price      Change
Canola            Jan     513.60    up  3.20
                  Mar     522.50    up  3.10
                  May     528.20    up  2.70

Dave Sims, Commodity News Service Canada

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