By Glen Hallick, MarketsFarm
WINNIPEG, Nov. 12 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were mostly higher at midday Friday, hitting new contract highs as trading resumed after being closed for Remembrance Day.
“The specs are staying long. The specs are still pushing this thing up,” a trader stated, noting that new crop contracts were a little more than C$800 per tonne.
“That’s phenomenal for this time of the year,” he added.
“But how do you stay short in this market?” the trader questioned, suggesting that only hedgers would have that ability right now.
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Support for canola was coming from gains in the Chicago soy complex, although trading in soyoil was choppy. There was additional support from Malaysian palm oil and European rapeseed.
Although the Canadian dollar fell back, the trader said it wasn’t affecting canola prices to any great degree. Strength in the United States dollar pushed the loonie down to 79.58 U.S. cents compared to Wednesday’s close of 80.31.
Approximately 12,250 canola contracts were traded as of 10:29 CST.
Prices in Canadian dollars per metric tonne at 10:29 CST:
Price Change
Canola Jan 1,103.90 up 9.50
Mar 981.50 up 4.80
May 946.00 up 1.10
Jul 903.10 dn 0.80
