By Glen Hallick, MarketsFarm
WINNIPEG, Jan. 14 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were mostly higher at midday Thursday, recovering from losses earlier in the session.
Support was coming from gains in soyoil on the Chicago Board of Trade. Meanwhile declines in European rapeseed and Malaysian palm oil weighed on values.
However, it’s not only edible oils that influencing canola prices today, according to a Winnipeg-based trader.
“Wheat has been the early leader,” he said, suggesting that Russia may have proceeded with increasing its export tax on wheat.
The trader noted that the November contract moved above C$556 per tonne in today’s session.
“Breaking through that, I think there’s some extra buying getting pushed into the new crop in November,” he said.
The Canadian dollar was exerting pressure on canola values as the loonie move above 79 U.S. cents, after closing Wednesday at 78.68.
Approximately 15,100 canola contracts were traded as of 10:31 CST.
Prices in Canadian dollars per metric tonne at 10:31 CST:
Canola Mar 685.30 up 0.50
May 669.80 up 1.40
Jul 656.50 up 3.00
Nov 553.60 up 0.80