By Glen Hallick, MarketsFarm
WINNIPEG, Oct. 21 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were higher on Wednesday in what has continued to be a bull market, with many months hitting new highs.
“This market keeps chugging higher. Buying interest continues, we’re not sure if it’s short covering,” said a Winnipeg-based trader, noting there has been rolling out of November into January.
He cautioned that Chicago soyoil was showing signs of faltering. At the Chicago Board of Trade soyoil was relatively steady after making sharp gains in previous sessions.
The Canadian dollar was steady and not having much of an impact on canola. The loonie was at 76.15 U.S. cents, compared to Tuesday’s close of 76.12.
Approximately 25,600 canola contracts were traded as of 10:52 CDT.
Prices in Canadian dollars per metric tonne at 10:52 CDT:
Price Change
Canola Nov 547.50 up 9.50
Jan 548.70 up 7.00
Mar 549.50 up 3.10
May 546.80 up 1.30
