WINNIPEG, Oct. 5 (MarketsFarm) – The ICE Futures canola market was stronger at midday Monday, as a rally in Chicago Board of Trade soyoil provided some spillover support.
A slowdown in seasonal off-the-combine farmer selling added to the relative strength in canola, as the canola harvest nears completion across most of the Prairies.
From a chart perspective the November contract was stabilizing in a range between C$510 and C$525 per tonne, according to an analyst.
A firmer tone in the Canadian dollar put some pressure on values, tempering the upside. Losses in CBOT soybeans also tempered the upside.
About 7,800 canola contracts traded as of 10:32 CDT.
Prices in Canadian dollars per metric tonne at 10:32 CDT:
Price Change
Canola Nov 518.60 up 1.50
Jan 525.50 up 1.70
Mar 531.90 up 1.80
May 535.80 up 1.90
