By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Oct. 14 (MarketsFarm) The ICE Futures canola market was holding onto small gains at midday Thursday, but trading off its session highs after running into some resistance.
European rapeseed futures posted solid gains overnight, which spilled into the Canadian market. Chicago Board of Trade soyoil futures were also up on the day, but soybeans turned lower and tempered the upside in the U.S. market. Malaysian palm oil was also down with profit-taking after setting fresh all-time highs.
Ongoing concerns over tight Canadian canola supplies remained a supportive influence, according to participants.
The Canadian dollar was stronger on Thursday, which put some pressure on the canola market as the rising currency cuts into the already soft crush margins.
About 13,800 canola contracts traded as of 10:48 CDT.
Prices in Canadian dollars per metric tonne at 10:48 CDT:
Canola Nov 906.30 up 3.10
Jan 898.40 up 4.50
Mar 886.00 up 5.10
May 862.70 up 2.60