By Marlo Glass, MarketsFarm
WINNIPEG, Jan. 7 (MarketsFarm) – The ICE Futures canola market was slightly stronger at midday on Monday, boosted by higher values for soyoil on the Chicago Board of Trade and a weaker Canadian currency.
Chicago soyoil gained relative strength from a higher tone for Malaysian palm oil. Canola prices have remained competitive against comparable vegetable oils.
The Canadian dollar retreated under 77 U.S. cents, providing some support to canola values. The dollar has been lower due to flagging oil prices following heightened geopolitical tension in the Middle East.
About 8,500 canola contracts traded as of 10:35 CST.
Prices in Canadian dollars per metric tonne at 10:35 CST:
Price Change
Canola Mar 478.20 up 1.00
May 486.90 up 0.70
Jul 492.30 up 0.50
Nov 495.00 up 0.10
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