By Marlo Glass, MarketsFarm
WINNIPEG, Dec. 14 (MarketsFarm) – ICE Futures canola contracts were stronger at midday Monday, bolstered by increased spreading interest and gains in comparable vegetable oils.
One Winnipeg-based trader said spreading activity had shifted to the January-March contract, with most of the trading concentrated to those months.
Chicago soyoil was stronger at midday, following reports that weekend rains in South America were less than initially forecast. Nearby contracts were up by about half of a cent in early morning activity.
Slight losses in the Canadian dollar were also supportive for canola. The dollar was around 78.2 U.S. cents at midday.
Approximately 12,500 canola contracts were traded as of 10:50 CST.
Prices in Canadian dollars per metric tonne at 10:50 CST:
Price Change
Canola Jan 595.40 up 1.80
Mar 588.80 up 3.10
May 582.90 up 1.70
Jul 575.70 up 1.60
