By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Oct. 13 (MarketsFarm) The ICE Futures canola market was stronger at midday Wednesday, taking back some of Tuesday’s losses.
Malaysian palm oil climbed to fresh contract highs in overnight activity, which was supportive for vegetable oil markets in general – including canola. Chicago soyoil futures were also up at midday, although soybeans were softer.
While seasonal harvest pressure contributed to the losses in soybeans, the Canadian canola harvest is complete and a lack of significant farmer selling was supportive, according to a trader.
However, strength in the Canadian dollar did temper the advances in canola.
About 14,500 canola contracts traded as of 10:47 CDT. Intermonth spreading was a feature as participants roll out of the nearby November contract and into January.
Prices in Canadian dollars per metric tonne at 10:47 CDT:
Canola Nov 906.30 up 5.20
Jan 896.10 up 5.30
Mar 882.80 up 4.90
May 862.20 up 5.20