By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Nov. 1 (MarketsFarm) – The ICE Futures canola market was stronger at midday Monday, hitting fresh contract highs once again.
“It’s still a bull market,” said a Winnipeg-based trader. “It’s a very short crop and there’s still demand out there,” he added.
A lack of sellers on the other side, as they appear content to watch prices rise, was also supportive.
Gains in outside markets, including Chicago Board of Trade soyoil futures, provided some additional spillover support. European rapeseed futures were also up on the day, although Malaysian palm oil was down with profit-taking.
The Canadian dollar was slightly firmer at midday, putting some pressure on canola.
About 11,000 canola contracts traded as of 10:36 CDT.
Prices in Canadian dollars per metric tonne at 10:36 CDT:
Price Change
Canola Jan 977.50 up 17.80
Mar 952.80 up 14.50
May 922.60 up 13.90
Jul 880.60 up 12.90
