By Marlo Glass, MarketsFarm
WINNIPEG, Nov. 26 (MarketsFarm) – ICE Futures canola contracts were stronger at midday Friday, bouncing back after yesterday’s losses.
United States markets reopened overnight but will close early today. Chicago soyoil was up considerably in early trade, which gave canola prices a boost.
Nearby contracts were up by over six tenths of a cent this morning. Other vegetable oils also saw gains, with European rapeseed stronger in overnight trade.
Strength in the Canadian dollar kept a lid on further gains for canola. The dollar was around 77 U.S. cents at midday.
Approximately 12,500 canola contracts were traded as of 10:40 CST.
Prices in Canadian dollars per metric tonne at 10:40 CST:
Canola Jan 578.40 up 6.90
Mar 574.40 up 5.40
May 571.20 up 5.50
Jul 564.40 up 5.60
Futures Prices as of November 27, 2020
Prices are in Canadian dollars per metric ton