By Glen Hallick, MarketsFarm
WINNIPEG, Oct. 20 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were steady to higher on Tuesday with significant increases for the front months, while the deferred months saw small increases.
“It’s the continuation of a bull market. We’re into new highs,” said a Winnipeg-based trader, noting there was a good deal of short covering going on.
Support was also coming from sharp gains in Chicago soyoil as well as higher European rapeseed. Meanwhile Malaysian palm oil was steady.
Strength in the Canadian dollar was tempering further gains in canola. The loonie was at 76.18 U.S. cents, compared to Monday’s close of 75.96.
Approximately 26,100 canola contracts were traded as of 10:42 CDT.
Prices in Canadian dollars per metric tonne at 10:42 CDT:
Price Change
Canola Nov 537.20 up 4.10
Jan 539.80 up 3.60
Mar 544.10 up 2.80
May 543.40 up 2.00
