Soymeal and canola international prices on the rise

Intercontinental Exchange (ICE) Futures canola contracts were higher on Thursday morning, amid light trading activity. Nearby Chicago soy oil contracts were up by over a quarter of a cent in early morning trade, contributing to the higher tone for canola. Strength in the Canadian dollar capped further gains for canola, though European rapeseed (canola seeds) showed losses. For Australia, the increase in the international soybean price can lead to a possible increase in the price of canola oil, where suppliers were expecting a couple of weeks ago a slight fall in the price due to the positive harvest outlook.