By Marlo Glass, MarketsFarm
WINNIPEG, Nov. 5 (MarketsFarm) – ICE Futures canola contracts were stronger at midday Thursday, along with world vegetable oil prices.
Nearby soyoil contracts were up by over a penny in early morning trade, with gains in Malaysian palm oil also a supportive factor.
One Winnipeg-based trader cited an uptick in farmer selling as a limiting factor for canola, along with advances in the Canadian dollar. The loonie was up by about half of a cent at midday at around 76.6 U.S cents, which kept a lid on canola prices.
Approximately 16,000 canola contracts were traded as of 10:45 CST.
Prices in Canadian dollars per metric tonne at 10:45 CST:
Price Change
Canola Jan 549.70 up 3.90
Mar 554.00 up 3.60
May 552.90 up 3.50
Jul 551.10 up 3.70
