By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Oct. 22 (MarketsFarm) – ICE Futures canola contracts were posting small gains at midday Tuesday, with a rally in Chicago Board of Trade soyoil behind some of the spillover strength.
Soyoil was up nearly half-a-cent per pound, while the Canadian dollar was holding steady, which was supportive for crush margins.
Domestic processors were noted buyers, according to a broker, although he added that the lack of significant export demand limited their need to aggressively bid up the market.
While farmers continue to struggle in many areas, seasonal harvest pressure kept a lid on prices as conditions have shown some improvement overall.
About 27,000 canola contracts traded as of 10:41 CDT, with intermonth spreading a feature as participants were busy rolling their positions out of the nearby November contract.
Prices in Canadian dollars per metric tonne at 10:41 CDT:
Price Change
Canola Nov 452.00 up 0.60
Jan 460.80 up 0.80
Mar 470.00 up 1.00
May 477.20 up 0.50
