By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Oct. 13 (MarketsFarm) – The ICE Futures canola market was stronger at midday Friday, seeing a continuation of Thursday’s rally.
Gains in Chicago soyoil futures and ideas that recent losses in canola were overdone contributed to the advances. European rapeseed and Malaysian palm oil futures were also higher, although Chicago soybeans were lower.
Seasonal harvest pressure should be slowing down, with most of the canola off the field across the Prairies. Weekly Canadian Grain Commission data showed that 300,700 tonnes were delivered into the commercial pipeline during the week ended Oct. 8, which was down by 16 per cent from the previous week. Visible supplies dipped to 1.2 million tonnes, from 1.3 million.
The Canadian dollar was firmer at midday.
An estimated 45,300 canola contracts traded as of 11:08 CDT.
Prices in Canadian dollars per metric tonne at 11:08 CDT:
Canola Nov 716.50 up 3.90
Jan 720.70 up 3.50
Mar 724.20 up 3.30
May 727.50 up 3.00
