By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Oct. 18 (MarketsFarm) – The ICE Futures canola market was stronger at midday Monday, finding some direction from gains in outside vegetable oil markets.
“Canola is already up where it needs to be and doesn’t necessarily need to go higher, but it will if vegoil stays strong,” said a Winnipeg-based trader, noting that canola was finding support from gains in Malaysian palm oil and Chicago Board of Trade soyoil futures.
Canada’s tight supply situation was also supportive, although the trader noted that demand was already being rationed at current price levels.
The Canadian dollar was holding steady at midday, providing little direction.
About 9,000 canola contracts traded as of 10:45 CDT.
Prices in Canadian dollars per metric tonne at 10:45 CDT:
Price Change
Canola Nov 920.00 up 4.50
Jan 913.90 up 6.80
Mar 898.40 up 7.00
May 871.30 up 5.30
