By Glen Hallick, MarketsFarm

WINNIPEG, Jan. 12 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were mostly on the rise at midday Tuesday, with the front months hitting new contract highs.

A Winnipeg-based trader said there was heavy trade in options this morning ahead of a number reports today from the United States Department of Agriculture (USDA).

The USDA will issue its latest supply and demand estimates at 11 am Central, along with its reports on grain stocks as of Dec. 1, crop production and world agricultural production.

The trader noted that cash canola was running as high as C$16 per bushel in some Alberta locations.

“Cash canola continues to work higher and that’s bringing the futures along for the ride,” he said.

Comparable edible oils were mostly lower today. However, Chicago soybeans and soymeal were higher.

Concerns about low canola ending stocks come spring continued to lurk in the background.

By midday, the Canadian dollar slightly higher at 78.38 U.S. cents compared to Monday’s close of 78.20.

Approximately 17,200 canola contracts were traded as of 10:35 CST.

Prices in Canadian dollars per metric tonne at 10:35 CST:

Price Change
Canola Mar 679.40 up 6.60
May 662.50 up 4.30
Jul 645.10 up 2.00
Nov 546.10 dn 0.40