By Glen Hallick, MarketsFarm
WINNIPEG, March 23 (MarketsFarm) – ICE Futures canola contracts were stronger on Monday, benefitting from gains in the Chicago soy complex, according to a Winnipeg-based trader.
He noted that soymeal prices, which are usually a minor factor, “are contributing a few dollars support to canola.”
Product values have skyrocketed as well, said the trader, with gains of almost C$50 per tonne while canola was up about C$20.
“Today alone, the product value was up C$9 and canola was up C$3 or C$4,” he commented.
However, canola has remained its usual self in being a follower. The trader said canola has been adhering the fluctuations in Chicago soyoil and in the Canadian dollar.
So far today, the loonie was down at 68.82 U.S. cents, compared to Friday’s close of 69.77.
Approximately 7,800 canola contracts were traded as of 10:48 CST.
Prices in Canadian dollars per metric tonne at 10:48 CST:
Price Change
Canola May 465.30 up 3.40
Jul 473.20 up 3.70
Nov 481.00 up 3.30
Jan 488.70 up 3.80
