By Glen Hallick, MarketsFarm
WINNIPEG, Sept. 13 (MarketsFarm) – Canola futures on the Intercontinental Exchange (ICE) were higher at midday Tuesday, still building on the strong upticks spurred on by yesterday’s report from the United States Department of Agriculture (USDA).
The September supply and demand estimates proved to be bullish for the soybean and corn markets, which generated strong increases in canola.
However, today the Chicago Board of Trade (CBOT) was fluctuating as soybeans and soymeal are down, while soyoil was still on the rise. More support for canola came from higher European rapeseed and Malaysian palm oil prices. Meanwhile, global crude oil prices have turned lower, putting pressure on vegetable oils.
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The weight of the advancing Prairie harvest was also being felt but countered by positioning ahead of tomorrow’s production report from Statistics Canada. With more recent satellite imagery, the report could reduce the agency’s projections.
The Canadian dollar was weaker as the loonie slid to 76.21 U.S. cents, compared to Monday’s close of 77.04.
Approximately 16,000 canola contracts were traded as of 10:25 CDT.
Prices in Canadian dollars per metric tonne at 10:25 CDT:
Price Change
Canola Nov 806.50 up 6.80
Jan 814.10 up 6.80
Mar 821.10 up 7.00
May 822.00 up 6.60
