By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Jan. 27 – (MarketsFarm) – The ICE Futures canola market was up sharply at midday Thursday, with speculators back on the buy side after booking profits earlier in the week.
Gains in Chicago Board of Trade soybeans and soyoil provided spillover support for the Canadian oilseed, with soyoil hitting fresh contract highs. Malaysian palm oil and European rapeseed futures were also stronger.
Weakness in the Canadian dollar, which dipped below 79 U.S. cents, was contributed to the strength in canola. Ongoing concerns over tight old crop supplies remained supportive as well. However, attention in the market is starting to turn to the new crop, which lagged the front months to the upside.
About 17,000 canola contracts traded as of 10:40 CST.
Prices in Canadian dollars per metric tonne at 10:40 CST:
Price Change
Canola Mar 1,015.60 up 18.10
May 1,007.30 up 15.50
Jul 983.90 up 10.70
Nov 839.10 up 4.10
