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:
                          Price      Change
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