By Marlo Glass, MarketsFarm
WINNIPEG, Dec. 17 (MarketsFarm) – The ICE Futures canola market was stronger at midday on Tuesday, supported by higher prices soybeans on the Chicago Board of Trade.
One Winnipeg-based trader said while soybeans are providing the most support to canola prices, technical short covering and high trade volumes are also “pushing positions forward.”
Strong crush margins were also favourable to canola prices. According to the Canadian Oilseed Processors Association (COPA), the Canola Board Margin Index is over C$118 for the January canola contract.
The Canadian dollar was steady at around 76 U.S. cents, preventing further gains for canola values.
About 33,500 canola contracts traded as of 10:30 CST.
Prices in Canadian dollars per metric tonne at 10:30 CST:
Price Change
Canola Jan 465.50 up 3.50
Mar 473.90 up 3.00
May 483.00 up 3.20
Jul 488.90 up 2.80
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