By Glen Hallick, MarketsFarm
WINNIPEG, Sept. 29 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were getting stronger at midday Thursday with double-digit increases amid heavy volumes of trading.
An analyst chalked up the gains to further losses in the Canadian dollar. Although the United States dollar was relatively steady today, the loonie was on the decline at 73.01 U.S. cents, compared to Wednesday’s close of 73.21. The analyst said if vegetable oils remained stable, coupled with the weak dollar, canola could push towards C$875 per tonne, maybe as high as C$900.
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Support for canola was coming from upticks in Chicago soybeans and soyoil, as well as European rapeseed and Malaysian palm oil. Chicago soymeal was to the downside. Global crude oil prices were virtually unchanged and not providing any direction to veg oils.
Prairie temperatures are forecast to remain above normal for the next few days and largely free of rain, helping to advance the harvest.
Approximately 28,250 canola contracts were traded as of 10:19 CDT.
Prices in Canadian dollars per metric tonne at 10:19 CDT:
Price Change
Canola Nov 851.90 up 13.40
Jan 859.30 up 12.40
Mar 866.10 up 12.40
May 867.50 up 12.30
