By Glen Hallick, MarketsFarm
WINNIPEG, Nov. 2 (MarketsFarm) – Intercontinental Exchange (ICE) canola prices continued to surge upwards at midday Tuesday, hitting new contract highs in what a trader said was a show of independent strength.
Ongoing tight supplies, solid demand despite price rationing, and reluctance on the part of sellers contributed to rise in canola values.
The trader said the sharp gains made yesterday in wheat and other commodities have given way to some profit-taking. In turn that’s added some jitters to canola.
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“The canola longs haven’t felt the urge to do too much,” he said, noting that profit-taking could hit the Canadian oilseed.
Little direction was coming from the Chicago soy complex, that saw soybeans up a little and soyoil hovering around unchanged. There were small losses in Malaysian palm oil, but another round of gains in European rapeseed.
The Canadian dollar was stepping back with the loonie at 80.67 U.S. cents compared to Monday’s close of 80.85.
Approximately 10,000 canola contracts were traded as of 10:34 CDT.
Prices in Canadian dollars per metric tonne at 10:34 CDT:
Price Change
Canola Jan 983.50 up 13.30
Mar 956.40 up 10.30
May 925.00 up 10.10
Jul 882.30 up 9.70
