By Glen Hallick, MarketsFarm
WINNIPEG, Nov. 18 (MarketsFarm) – ICE Futures canola contracts were higher at midday Friday while staying range bound, according to a Winnipeg-based trader.
“The positive vibes continue to come from the soybean oil side,” said the trader, noting canola volumes have picked up as the session progresses.
Soyoil at the Chicago Board of Trade was up by approximately one-third of a cent at midday.
He said the Commitment of Traders has shown speculators have a sizeable short, which provided support
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The possibility of 3,200 workers going on strike at Canadian National Railway as early as Tuesday has not had much of an effect on canola prices, the trader commented.
This comes after CN announced on Friday the layoffs of 1,600 workers across North America.
The trader noted that farmer selling has “lightened up a bit” compared to last week, but good volumes continue to come into the commercial pipeline.
The Canadian dollar was slightly higher so far today at 75.67 U.S. cents, after closing Friday at 75.58.
Approximately 7,400 canola contracts were traded as of 10:37 CST.
Prices in Canadian dollars per metric tonne at 10:37 CST:
Price Change
Canola Jan 464.50 up 2.00
Mar 473.20 up 1.80
May 481.50 up 1.70
Jul 488.60 up 1.80
