By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Oct. 15 (MarketsFarm) – The ICE Futures canola market was stronger in the most active front months at midday Friday.
Gains in outside markets, including Chicago Board of Trade soyoil, Malaysian palm oil and European rapeseed futures, provided spillover support for the Canadian oilseed.
Canada’s tight supply situation and a lack of significant farmer selling, as harvest operations have wrapped up across most of the Prairies, contributed to the gains.
However, recent strength in the Canadian dollar tempered the upside. The currency was holding relatively steady at midday Friday, but has gained roughly a penny relative to its United States counterpart over the past week. The rising currency cuts into crush margins and makes exports less attractive for international buyers.
About 18,000 canola contracts traded as of 10:40 CDT.
Prices in Canadian dollars per metric tonne at 10:40 CDT:
Price Change
Canola Nov 915.70 up 5.50
Jan 907.60 up 4.50
Mar 893.10 up 3.60
May 867.20 up 1.00
