By Glen Hallick, MarketsFarm
WINNIPEG, Nov. 19 (MarketsFarm) – ICE Futures canola contracts were higher at midday Tuesday, getting support from strong gains in Chicago soyoil, according to a Winnipeg-based trader.
Prices for soyoil on the Chicago Board of Trade were up by about 45/100 of a United States cent.
Despite that support from soyoil, canola hasn’t moved as much, noted the trader. Rather canola has remained in a narrow range.
That said, the product values have jumped by approximately C$7 compared to the C$2 gain canola was receiving, he commented.
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The Canadian dollar was steady so far today at 75.59 U.S. cents, after closing Monday at 75.68.
Some 3,200 Canadian National employees hit the picket lines first thing Tuesday morning. The conductors, trainpersons and yard workers have been without a contract since July. The strike could affect CN’s movement of grain, oilseeds, crude oil and other products. There has been speculation the federal government could enact back-to-work legislation if the strike lasts more than a few days, according to media reports.
Approximately 9,500 canola contracts were traded as of 10:29 CST.
Prices in Canadian dollars per metric tonne at 10:29 CST:
Price Change
Canola Jan 465.60 up 2.10
Mar 474.00 up 1.80
May 481.70 up 1.30
Jul 488.30 up 0.80
