By Marlo Glass, MarketsFarm
WINNIPEG, May 12 – ICE Futures canola contracts were slightly higher at midday Tuesday ahead of the World Agriculture Supply Demand Estimates (WASDE) from the United States Department of Agriculture (USDA).
One Winnipeg-based trader said the WASDE isn’t likely to shake canola markets too drastically, and canola prices will likely stay firm.
Weakness in Chicago soyoil discouraged further gains for canola prices. nearby soyoil contracts were down by about a fifth of a cent.
Relative strength in the Canadian dollar also kept a lid on canola. The dollar was at 71.44 cents at midday.
Approximately 7,000 canola contracts were traded as of 10:35 CDT.
Prices in Canadian dollars per metric tonne at 10:35 CDT:
Price Change
Canola May 472.60 up 1.30
Jul 477.50 up 0.70
Nov 483.50 up 0.70
Jan 489.30 up 0.70
