By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Oct. 29 (MarketsFarm) – The ICE Futures canola market was mostly higher at midday Friday, although activity was thin and choppy on the last trading day of the month.
The nearby November contract was up sharply in light trade, as investors continued to exit the front month ahead of its expiry.
The more active months were all holding closer to unchanged, after hitting contract highs earlier in the week.
Gains in Chicago Board of Trade soyoil futures and a softer tone in the Canadian dollar provided underlying support. Canada’s tight supply situation also continued to underpin the market.
However, ideas that canola is looking overpriced at current levels tempered any advances, with chart resistance holding to the upside.
About 5,700 canola contracts traded as of 10:51 CDT.
Prices in Canadian dollars per metric tonne at 10:51 CDT:
Price Change
Canola Nov 1,024.60 up 27.70
Jan 956.70 up 1.40
Mar 936.10 dn 0.20
May 908.40 up 0.80
