By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Oct. 24 (MarketsFarm) – ICE Futures canola contracts were stronger at midday Thursday, as rallies in international vegetable oil markets provided spillover support.
Malaysian palm oil futures climbed to their highest levels in 16 months overnight on the back of solid export demand, with Chicago Board of Trade soyoil hitting fresh eight-month highs.
A slightly softer tone in the Canadian dollar added to the firmer tone in canola, according to a broker.
However, seasonal harvest pressure and increasing supplies in the commercial pipeline tempered the upside despite the persistent weather delays in some areas.
About 28,000 canola contracts traded as of 10:37 CDT, with intermonth spreading a feature as participants continued to exit the nearby November contract.
Prices in Canadian dollars per metric tonne at 10:37 CDT:
Price Change
Canola Nov 455.10 up 1.10
Jan 463.40 up 1.00
Mar 472.70 up 1.00
May 480.70 up 1.00
