By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Oct. 19 (MarketsFarm) – The ICE Futures canola market was mixed Tuesday morning, with losses in the nearby November contract and gains in the more deferred positions.
Intermonth spreading was a feature, as traders are busy rolling out of the front month ahead of its expiry.
Chicago Board of Trade soyoil futures were softer in early activity, which put some spillover pressure on canola. Malaysian palm oil futures were also down overnight, although European rapeseed was higher. CBOT soybeans were also stronger Tuesday morning.
Tight supplies and the need to ration demand remained supportive.
About 8,200 canola contracts had traded as of 8:45 CDT.
Prices in Canadian dollars per metric ton at 8:45 CDT:
Price Change
Canola Nov 919.40 dn 1.70
Jan 916.50 up 1.20
Mar 901.80 up 1.60
May 876.30 up 1.10
