By Marlo Glass, MarketsFarm
WINNIPEG, Sept. 25 (MarketsFarm) – ICE Futures canola contracts were higher at midday Friday, after considerable losses throughout the week.
Strength in comparable vegetable oils propped up prices, with nearby contracts posting half-cent gains at midday. European rapeseed was also stronger, while Malaysian palm oil showed losses.
Harvest activity across the Canadian Prairies prevented further gains for canola, as the harvest is about 70 per cent complete.
The Canadian dollar was slightly weaker at midday, which also gave canola a boost. The dollar was around 74.5 U.S. cents.
Approximately 14,000 canola contracts were traded as of 10:35 CDT.
Prices in Canadian dollars per metric tonne at 10:35 CDT:
Canola Nov 514.80 up 3.80
Jan 529.00 up 4.40
Mar 532.90 up 4.90
May 521.90 up 4.90