By Marlo Glass, MarketsFarm
WINNIPEG, Sept. 23 (MarketsFarm) – The ICE Futures canola market was higher at midday Monday, gleaning spillover support from soybeans on the Chicago Board of Trade.
“Earlier in the day, canola was following U.S. markets pretty precisely,” remarked one Winnipeg-based trader.
However, the rally is likely to be short-lived, as soybean oil prices are on the decline. The trader anticipated canola values to remain “choppy and sideways” with nothing signalling a big move in markets.
Western Canadian weather has continued to delay harvest progress, and forecasts are not positive, which may make markets “jittery” as very little canola has been combined in the Prairies.
About 11,500 canola contracts traded as of 10:30 CDT.
Prices in Canadian dollars per metric tonne at 10:30 CDT:
Price Change
Canola Nov 450.20 up 2.80
Jan 458.10 up 2.30
Mar 466.10 up 2.10
May 473.50 up 1.80
END
