By Glen Hallick, MarketsFarm
WINNIPEG, Oct. 28 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were mixed on Thursday morning with the nearby contracts hitting new highs. That included C$1,000 per tonne for the November, which get its first notice tomorrow.
The much more deferred positions were taking a step back due to declines in the Chicago soy complex, the upfront contracts for European rapeseed and Malaysian palm oil.
Tight canola supplies, a lackluster harvest and concerns over dryness across the Prairies continuing into next spring provided support. However, there was sentiment of canola being overdone.
The Canadian dollar was relatively steady this morning, with the loonie at 80.88 U.S. cents, compared to Wednesday’s close of 80.92.
About 3,550 canola contracts had traded as of 8:36 CDT.
Prices in Canadian dollars per metric tonne at 8:36 CDT:
Price Change
Canola Nov 1,003.60 up 20.30
Jan 960.60 unchanged
Mar 935.40 dn 3.10
May 903.00 dn 5.70
