By Marlo Glass, MarketsFarm
WINNIPEG, Nov. 3 (MarketsFarm) – ICE Futures canola contracts were stronger at midday Tuesday, recovering some of the losses incurred yesterday.
One Winnipeg-based trader said increased buying interest was supportive of canola prices, as many traders took to the sidelines yesterday.
Gains in comparable vegetable oils also gave canola prices a boost, with nearby Chicago soyoil contracts posting gains of about half of a cent at midday. Malaysian palm oil was also stronger in overnight trade.
The Canadian dollar was stronger at midday, capping further gains for canola. The dollar was around 76.2 U.S. cents.
Approximately 14,500 canola contracts were traded as of 10:50 CDT.
Prices in Canadian dollars per metric tonne at 10:50 CDT:
Price Change
Canola Jan 537.90 up 3.10
Mar 542.30 up 2.30
May 541.80 up 3.40
Jul 539.10 up 2.30
