By Glen Hallick, MarketsFarm
WINNIPEG, Jan. 30 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were stronger at midsession on Monday, with increases for the old crop months in the mid to higher teens.
While support was coming other vegetable oils, an analyst suggested the upticks in canola were due to increased short covering.
Additional support came gains in the Chicago soy complex, European rapeseed and Malaysian palm oil. However, pressure from fading crude oil prices attempted to stymie further increases in the veg oils.
Crush margins remained very strong, underpinning canola values.
The Canadian dollar was slightly lower on Monday, with the loonie at 74.97 U.S. cents, compared to Friday’s close of 75.11.
Approximately 21,950 canola contracts were traded as of 10:11 CST.
Prices in Canadian dollars per metric tonne at 10:11 CST:
Price Change Canola Mar 825.40 up 17.70 May 824.60 up 17.10 Jul 826.40 up 16.70 Nov 807.00 up 13.20
