By Glen Hallick, MarketsFarm
WINNIPEG, Jan. 2 (MarketsFarm) – ICE Futures canola contracts were higher at midday Thursday continuing to be dragged up by the Chicago soy complex, according to a Winnipeg-based analyst.
The increases in soy have been spillover from gains in Malaysian palm oil, he added.
The trader noted canola has neared the top end of its range.
“We’ll see what develops and what happens going forward,” he commented.
With the low liquidity currently in the market that can lead to exaggerated moves, the trader said.
So far today the Canadian dollar was firm at 77.03 U.S. cents compared to Tuesday’s close of 76.99 U.S. cents.
Approximately 8,400 canola contracts were traded as of 10:30 CST.
Prices in Canadian dollars per metric tonne at 10:30 CST:
Price Change
Canola Mar 481.20 up 3.10
May 490.10 up 2.60
Jul 495.60 up 1.80
Nov 498.30 up 1.00
