ICE Canola Midday: Prices stronger at midday

By Marlo Glass, MarketsFarm

WINNIPEG, July 20 – ICE Futures canola contracts were higher at midday Monday, due to strength in comparable vegetable oils.

Chicago soyoil was stronger due to consistent export demand. Malaysian palm oil was also higher due to tightened supplies and steadily improving demand. Labour shortages also contributed to palm oil’s strength.

Relative strength in the Canadian dollar tempered further gains for canola. The dollar was around 73.8 United States cents at midday.

Approximately 10,000 canola contracts were traded as of 10:35 CDT.

Prices in Canadian dollars per metric tonne at 10:35 CDT:

                          Price      Change
Canola            Nov     486.90    up  3.40
                  Jan     494.30    up  3.50
                  Mar     499.20    up  2.90
                  May     502.10    up  2.30

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