By Glen Hallick, MarketsFarm
WINNIPEG, Sept. 18 (MarketsFarm) – ICE Futures canola contracts were higher at midday Wednesday but still range-bound, according to a Winnipeg-based trader.
“It’s gravitating towards the high end of the range,” he said.
The trader suggested there could be some support from the Canadian dollar, which was at 75.38 U.S. cents, down slightly from Tuesday’s close of 75.43.
“But that’s not forcing me to do anything,” he commented.
China having bought 720,000 tonnes of soybeans from the United States and rain in South America that’s delayed soybean planting in Brazil have provided support to the Chicago soy complex.
Plus a weather premium has remained on Prairie canola because of its late development which has left it more susceptible to possible frost damage.
Approximately 13,600 canola contracts were traded as of 10:28 CDT.
Prices in Canadian dollars per metric tonne at 10:28 CDT:
Canola Nov 453.80 up 1.30
Jan 462.00 up 1.10
Mar 470.10 up 1.00
May 477.30 up 1.80