By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Oct. 6 (MarketsFarm) – The ICE Futures canola market stronger at midday Wednesday, seeing a continuation of its recent rally.
European rapeseed and Malaysian palm oil futures both hit fresh highs overnight, which spilled into the canola market. A weaker tone in the Canadian dollar was also supportive.
Canada’s tight supply situation continued to underpin the market as the futures work to ration demand going forward.
However, a downturn in Chicago Board of Trade soyoil futures did put some pressure on canola, with the Canadian oilseed also thought to be looking overpriced at current levels. Profit-taking at the highs tempered the advances.
About 17,600 canola contracts traded as of 10:39 CDT.
Prices in Canadian dollars per metric tonne at 10:39 CDT:
Price Change
Canola Nov 926.50 up 4.20
Jan 913.00 up 5.20
Mar 898.80 up 7.60
May 876.40 up 10.20
