WINNIPEG – The ICE Futures canola market was struggling to find a certain direction at midday on Friday despite rises in crude and vegetable oils.
“Canola’s had a good upswing over the last two weeks, but now everything seems to be getting a little bit choppy and erratic,” one trader said. “Soybeans have been a bit weak, (crude) oil’s been a bit firm…but in the end, nothing’s really showing that they’re going in any sort of direction.”
The Chicago soy complex was also at a near standstill with the exception of a rise in December soy meal. Meanwhile, European rapeseed and Malaysian palm oil were all higher with crude oil gaining more than US$3 per barrel.
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Sunny skies were in the forecast for much of the Prairies with high temperatures in Alberta and Saskatchewan reaching the high-teens to low-20 degree Celsius range. The mercury in Manitoba will only be slightly above 10 degrees with frost a possibility overnight.
Nearly 12,000 canola contracts were traded as of 10:51 CDT. The ICE Futures canola market will be closed on Oct. 10 for Canadian Thanksgiving.
Price Change
Canola Nov 869.80 up 2.90
Jan 877.20 up 2.30
Mar 884.00 up 1.80
May 885.80 up 1.30
