Your Reading List

ICE canola stronger with soyoil at midday

Reading Time: < 1 minute

Published: November 30, 2015

By Jade Markus, Commodity News Service Canada

WINNIPEG, November 30 – ICE Canada canola contracts were higher at midday Monday, following soyoil at the Chicago Board of Trade.

Canola has been keeping pace with US markets, which is causing futures to firm.

Traders say soyoil has been strong for weeks, and Monday is the first day in a while canola has started following.

“Canola has lost a lot of ground to the bean oil in the last little while. The strength in bean oil has been quite considerable in the last couple of weeks, but canola has not been following, but if bean oil keeps going up canola could keep going up,” one trader said.

Read Also

ICE Midday: Canola rises to end downturn

Glacier FarmMedia | MarketsFarm — Canola futures on the Intercontinental Exchange rebounded from recent losses in the middle of Wednesday…

The trader added that physical supplies of canola are still moving routinely, with adequate supply and demand.

However, the Canadian dollar was slightly stronger relative to its US counterpart at midday which made canola less desirable to foreign buyers.

Malaysian palm oil closed weaker which was also bearish.

About 16,250 canola contracts had traded as of 10:30 CST.

Milling wheat, durum, and barley futures were all untraded and
unchanged.

Prices in Canadian dollars per metric ton at 10:30 CST:

About the author

GFM Network News

GFM Network News

Glacier FarmMedia Feed

Glacier FarmMedia, a division of Glacier Media, is Canada's largest publisher of agricultural news in print and online.

explore

Stories from our other publications