By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Oct. 19 (MarketsFarm) – ICE Futures canola contracts were mostly higher at midday Wednesday, recovering from early declines with intermonth spreading a feature.
The nearby November contract was posting the largest gains, as participants were busy rolling their positions out of the front month ahead of its expiry.
Gains in Chicago soyoil provided underlying support, with a lack of significant farmer selling also underpinning the futures. European rapeseed and Malaysian palm oil were both posting small gains, while a weaker tone in the Canadian dollar also helped underpin canola.
Seasonal harvest pressure kept a lid on the upside, with canola holding in a narrow range from a chart standpoint. Losses in Chicago soybeans also weighed on values.
About 20,700 canola contracts traded as of 10:40 CDT.
Prices in Canadian dollars per metric tonne at 10:40 CDT:
Canola Nov 864.80 up 4.40
Jan 869.90 up 2.90
Mar 875.20 up 2.20
May 877.90 up 1.50
