By Marlo Glass, MarketsFarm
WINNIPEG, Oct. 15 (MarketsFarm) – The ICE Futures canola market was stronger at midday Tuesday, underpinned by strong soyoil prices.
Soyoil remained trading at multi-month highs, with firm fundamentals bolstered by positive trade talks between the United States and China.
One trader in Winnipeg said canola is “attractively priced” from a commercial buyer’s point of view, as canola crush margins are “exceptional.”
Canola values currently aren’t showing clear signs of a weather premium following unexpected significant snowfall in most of Manitoba late last week. The trader said a weather premium may be introduced into the market, depending on how the harvest will progress over the next few weeks.
The Canadian dollar has stayed firm around 75.7 U.S. cents.
About 28,500 canola contracts traded as of 10:45 CDT.
Prices in Canadian dollars per metric tonne at 10:45 CDT:
Price Change
Canola Nov 463.50 up 3.60
Jan 472.10 up 3.30
Mar 480.90 up 3.50
May 488.20 up 3.60
END
