By Marlo Glass, MarketsFarm
WINNIPEG, Nov. 4 (MarketsFarm) – The ICE Futures canola market was stronger at midday Monday, supported by a robust soy complex on the Chicago Board of Trade and a faltering Canadian dollar.
One Winnipeg-based trader said canola ought to be higher as soyoil prices were breaking into new highs. The strength in the soy market is mainly due to confidence in a trade deal between the United States and China.
“Canola is well-supported, and has minimal downside,” said the trader.
The Canadian dollar hovered just over 76 U.S. cents at midday on Monday, providing moderate support to canola values.
About 11,000 canola contracts traded as of 10:50 CST.
Prices in Canadian dollars per metric tonne at 10:50 CST:
Price Change
Canola Jan 462.50 up 4.30
Mar 471.60 up 4.00
May 480.10 up 3.40
Jul 487.40 up 3.20
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