By Jade Markus, Commodity News Service Canada
WINNIPEG, November 30 – ICE Canada canola contracts were higher at midday Monday, following soyoil at the Chicago Board of Trade.
Canola has been keeping pace with US markets, which is causing futures to firm.
Traders say soyoil has been strong for weeks, and Monday is the first day in a while canola has started following.
“Canola has lost a lot of ground to the bean oil in the last little while. The strength in bean oil has been quite considerable in the last couple of weeks, but canola has not been following, but if bean oil keeps going up canola could keep going up,” one trader said.
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The trader added that physical supplies of canola are still moving routinely, with adequate supply and demand.
However, the Canadian dollar was slightly stronger relative to its US counterpart at midday which made canola less desirable to foreign buyers.
Malaysian palm oil closed weaker which was also bearish.
About 16,250 canola contracts had traded as of 10:30 CST.
Milling wheat, durum, and barley futures were all untraded and
unchanged.
Prices in Canadian dollars per metric ton at 10:30 CST:
