By Marlo Glass, MarketsFarm
WINNIPEG, July 20 – ICE Futures canola contracts were higher at midday Monday, due to strength in comparable vegetable oils.
Chicago soyoil was stronger due to consistent export demand. Malaysian palm oil was also higher due to tightened supplies and steadily improving demand. Labour shortages also contributed to palm oil’s strength.
Relative strength in the Canadian dollar tempered further gains for canola. The dollar was around 73.8 United States cents at midday.
Approximately 10,000 canola contracts were traded as of 10:35 CDT.
Prices in Canadian dollars per metric tonne at 10:35 CDT:
Canola Nov 486.90 up 3.40
Jan 494.30 up 3.50
Mar 499.20 up 2.90
May 502.10 up 2.30