By Glen Hallick, MarketsFarm
WINNIPEG, July 15 (MarketsFarm) – Canola futures on the Intercontinental Exchange (ICE) were advancing at midday Friday, getting support from other vegetable oils.
While gains in Chicago soybeans were small to moderate and soymeal was lower, there were strong gains in soyoil. Additional support came from an upswing in European rapeseed and the off session in Malaysian palm oil. Global crude oil prices were markedly higher, spilling over into veg oils.
A trader warned that increases in canola are very unlikely to hold, given how the crop is shaping up on the Prairies. Although it’s still rather early, the canola has been coming along quite well.
“Hopefully we don’t get any frost in September,” he cautioned.
The Canadian dollar was stronger at 76.80, compared to Thursday’s close of 76.12.
Approximately 10,600 canola contracts were traded as of 10:29 CDT.
Prices in Canadian dollars per metric tonne at 10:29 CDT:
Price Change
Canola Nov 852.80 up 9.20
Jan 859.10 up 8.20
Mar 866.80 up 8.60
May 871.00 up 8.10
