WINNIPEG – After the ICE Futures canola market was closed on Sept. 30 due to the National Day For Truth And Reconciliation, prices were on the rise at midday on Oct. 3, largely due to rising crude and vegetable oils.
High temperatures are expected to be in the low-20s Celsius across the Prairies with a mixture of sun and cloud. One Winnipeg-based trader said that the Chicago soy complex is making a comeback after a large selloff on Sept. 30 after the United States Department of Agriculture (USDA) released its Quarterly Grains Report.
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“(Spec spreaders) pushed the canola crush margins to absolutely ridiculously high levels and we knew it couldn’t possibly last,” the trader said. “Canola’s strength is coming from the fact that it was basically undervalued coming into the last two weeks…Crush margins are still extremely high, but they’re getting more to the edge of normal ranges compared to where they were before.”
The Chicago soy complex, with the exception of soymeal, made gains by midday.
The Canadian dollar was up three-tenths of a cent at midday.
Nearly 23,000 canola contracts were traded as of 10:54 CDT.
Price Change
Canola Nov 864.80 up 12.80
Jan 872.80 up 12.60
Mar 880.70 up 13.50
May 881.80 up 12.50
