By Marlo Glass, MarketsFarm
WINNIPEG, Jan. 8 (MarketsFarm) – The ICE Futures canola market was mostly stronger at midday on Wednesday, boosted by stronger values for soyoil on the Chicago Board of Trade and a weaker Canadian currency.
The Chicago soy complex showed gains ahead of the United States and China signing Phase One of their trade deal, which is scheduled for Jan. 15.
The Canadian dollar was weaker at 76.7 U.S. cents, retreating from New Year-highs of over 77 U.S. cents. That provided some support to canola values.
Markets were showing some caution given escalating geopolitical turmoil in the Middle East.
About 8,500 canola contracts traded as of 10:35 CST.
Prices in Canadian dollars per metric tonne at 10:35 CST:
Price Change
Canola Mar 480.40 up 0.70
May 489.30 up 0.60
Jul 494.10 up 0.20
Nov 496.30 dn 0.20
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