By Glen Hallick, MarketsFarm
WINNIPEG, Nov. 15 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were trading on either side of steady Friday morning.
Canola was said to be testing support on the price charts and weighing on values. If it is penetrated, the selling could build on itself, according to a report.
Also weighing on values were the improved crop conditions in South America for the planting of soybeans. Another factor was the Prairie harvest, which has largely wrapped up for 2019.
Canola remains attractively priced to other vegetable oils, with support coming from solid crusher demand.
Although there were small gains in Chicago soybeans this morning, soyoil was down by more than a tenth of a cent.
The Canadian dollar was slightly higher this morning at 75.56 U.S. cents, compared Thursday’s close of 75.43.
About 2,100 canola contracts had traded as of 8:42 CST.
Prices in Canadian dollars per metric ton at 8:42 CST:
Price Change
Canola Jan 461.50 up 0.40
Mar 471.20 unchanged
May 479.50 dn 0.20
Jul 487.00 dn 0.10
