By Glen Hallick, MarketsFarm
WINNIPEG, Nov. 20 (MarketsFarm) – ICE Futures canola contracts were higher at midday Wednesday, as bids continue to receive spillover from Chicago soyoil, according to a Winnipeg-based trader.
In turn, he noted that soyoil prices on the Chicago Board of Trade have been higher due to gains made in Malaysian palm oil. There have been reports that palm oil production has suffered because of dry conditions in Indonesia and Malaysia.
The strike at Canadian National Railway entered its second day, with reports that a number of manufacturers were prepared to cut their production. This includes some canola crush plants, according to the Canadian Oilseed processors Association.
The Canadian dollar was lower by a third of a cent so far today at 75.22 U.S. cents.
Approximately 9,100 canola contracts were traded as of 10:13 CST.
Prices in Canadian dollars per metric tonne at 10:13 CST:
Price Change
Canola Jan 467.00 up 1.80
Mar 475.80 up 1.70
May 483.30 up 1.40
Jul 489.90 up 1.00
