WINNIPEG – The ICE Futures canola market was higher in the middle of trading, as prices were set to increase for the ninth straight day.
Chicago soyoil was up one United States cent per pound, giving a lift to canola prices. Meanwhile, Malaysian palm oil was higher after the resumption of trading due to a holiday on Wednesday and European rapeseed was mostly lower. Crude oil was slightly higher after reports of tightened U.S. stockpiles.
One analyst said despite canola’s rise, there was also some “selling resistance” due in part to reduced commercial demand.
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“We’re going into a pretty big heat wave next week, which is supportive,” the analyst said. “We’re getting up to that C$19 per bushel level for new crop positions and that’s starting to pull volume from the farmer.”
The Canadian dollar was down less than one-tenth of a U.S. cent compared to Wednesday’s close. B.C. port workers withdrew its strike notice to employers on Wednesday night, lessening the chances of another work stoppage.
Nearly 18,200 canola contracts were traded as of 10:29 CDT.
Price Change
Nov 844.20 up 2.50
Jan 840.10 up 4.10
Mar 832.30 up 6.70
May 820.30 up 9.10
