By Glen Hallick, MarketsFarm
WINNIPEG, Nov. 16 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were pushing higher at midday Tuesday in trying to recover from yesterday’s sharp step back.
A trader said the spike in Chicago soyoil was driving up canola values, with additional support from Malaysian palm oil.
European rapeseed turned mixed, with declines in the front months. Lower Chicago soybeans and soymeal weighed on values.
Tight canola supplies, price rationing and uncertainty over this year’s Prairie harvest continued to underpin prices. However, the Canadian oilseed has been looking overpriced at its current levels.
The Canadian dollar was slightly lower, with the loonie at 79.71 U.S. cents compared to Monday’s close of 79.89.
Approximately 11,300 canola contracts were traded as of 10:22 CST.
Prices in Canadian dollars per metric tonne at 10:22 CST:
Price Change
Canola Jan 1,019.60 up 6.70
Mar 985.50 up 6.60
May 947.30 up 4.90
Jul 903.90 up 2.10
