By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Jan. 20 – (MarketsFarm) – The ICE Futures canola market was stronger at midday Thursday, seeing some follow-through speculative buying after Wednesday’s corrective bounce.
A rally in the Chicago Board of Trade soy complex provided spillover support for canola, with strength in crude oil and uncertain South American production prospects behind some of the buying interest there. Malaysian palm oil and European rapeseed futures were also higher.
Canada’s tight supply situation and ideas that the recent selloff was overdone contributed to the gains in canola.
However, a firmer tone in the Canadian dollar put some pressure on values.
About 14,000 canola contracts traded as of 10:34 CST.
Prices in Canadian dollars per metric tonne at 10:34 CST:
Price Change
Canola Mar 1,020.50 up 19.80
May 1,003.90 up 22.90
Jul 966.00 up 20.20
Nov 816.30 up 11.80
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