By Glen Hallick, MarketsFarm
WINNIPEG, Oct. 1 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were pushing higher at midday Friday in a show of independent strength, according to a trader.
“We’re speculating we may be seeing canola buying against soybeans. That spread is breaking out to new contract highs,” the trader commented, adding the canola spreads were quite active as well.
“A lot of commercial and maybe some specs are starting to roll their November positions forward,” he said.
Canola was facing downward pressure from a lower Chicago soy complex, as well as declines in Malaysian palm oil. There were small gains for the most part in European rapeseed.
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Alberta is scheduled to release its weekly crop report this afternoon, and it’s expected the province will show the harvest is almost finished.
The Canadian Grain Commission has yet to release its weekly grain movement report due to yesterday’s national Day for Truth and Reconciliation.
The Canadian dollar was higher with the loonie at 78.93 U.S. cents compared to Wednesday’s close of 78.49. The Bank of Canada was closed on Thursday as well.
Approximately 16,650 canola contracts were traded as of 10:36 CDT.
Prices in Canadian dollars per metric tonne at 10:36 CDT:
Price Change
Canola Nov 903.10 up 9.60
Jan 889.90 up 9.90
Mar 875.80 up 10.20
May 847.90 up 8.60
