By Marlo Glass, MarketsFarm
WINNIPEG, March 30 – ICE Futures canola contracts were higher at midday Monday, due to strength in comparable vegetable oils and comparable weakness in the Canadian dollar.
One Winnipeg-based trader said “everything is working for canola today.” In particular, prices were well-supported by the weaker Canadian dollar.
“But everything is very swingy,” he remarked.
“What is up one day tends to be down the next.”
At midday, the loonie was at at 70.67 U.S. cents, which is about a cent lower than Friday’s close.
The trader noted that exports have been strong for the marketing year, and are running ahead of the previous year’s pace.
Approximately 15,500 canola contracts were traded as of 10:45 CDT.
Prices in Canadian dollars per metric tonne at 10:46 CDT:
Canola May 465.70 up 2.90
Jul 474.70 up 2.90
Nov 484.10 up 2.50
Jan 490.80 up 2.90
Futures Prices as of March 30, 2020
Prices are in Canadian dollars per metric ton