By Glen Hallick, MarketsFarm
WINNIPEG, Sept. 30 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were higher at midday Thursday getting spillover from significant upticks in both Chicago soyoil and Malaysian palm oil. European rapeseed was up as well, but by smaller amounts than what it has seen recently.
A trader said that canola has been “watching and waiting for fresh news.” However, he doesn’t expect a great deal of movement to come from the quarterly grain stocks report the United States Department of Agriculture is scheduled to release at 11 am CDT.
Market expectations are looking for reductions in the ending stocks for U.S. soybeans, corn and wheat. The trader said the report should generate a little bit volatility at most.
The Canadian dollar was stronger and tempering gains in canola. The loonie at 79.07 U.S. cents compared to Wednesday’s close of 78.49.
Approximately 18,250 canola contracts were traded as of 10:20 CDT.
Prices in Canadian dollars per metric tonne at 10:20 CDT:
Price Change
Canola Nov 899.70 up 5.50
Jan 887.60 up 4.60
Mar 874.70 up 3.10
May 851.20 up 4.80
