ICE canola continues higher at midday

WINNIPEG – ICE Futures canola contracts were stronger at midday Thursday, seeing a continuation of Wednesday’s rally.

Gains in Chicago soyoil and continued weakness in the Canadian dollar contributed to the strength in canola, as crush margins remain historically wide which should be encouraging end-user demand.

European rapeseed futures were also stronger, although Malaysian palm oil was slightly softer.

The advancing Prairie harvest remained a bearish influence in the background, although off-the-combine sales are expected to start slowing down over the next few weeks with seasonal price trends likely pointed higher.

About 13,900 canola contracts traded as of 10:42 CDT.

Prices in Canadian dollars per metric tonne at 10:42 CDT:

 

Canola            Nov   811.30    up  9.10

                  Jan   821.10    up  9.20

                  Mar   829.20    up  9.90

                  May   832.00    up  9.90