By Glen Hallick, MarketsFarm
WINNIPEG, Dec. 12 (MarketsFarm) – ICE Futures canola contracts were higher at midday Thursday, getting support from the Chicago soy complex.
In particular, soyoil was approaching highs not seen in the last seven to eight months, said a Winnipeg-based trader.
Although canola was up, the trader noted an ongoing issue with canola – it continues to lag behind other vegetable oils.
“It went down rather easily yesterday, but is going up much more grudgingly today, being dragged higher kicking and screaming,” he commented.
The trader pointed out that product values were up by C$10 per tonne while canola gained about C$3.50, stating “that’s not a sparkling performance.”
Also, record high crush margins were a sign of weakness in the canola market, but there’s good support for it as well, he said.
The Canadian dollar was steady at 75.80 U.S. cents, compared to Wednesday’s close of 75.75.
Approximately 22,200 canola contracts were traded as of 10:37 CST.
Prices in Canadian dollars per metric tonne at 10:37 CST:
Canola Jan 457.10 up 3.60
Mar 466.20 up 3.40
May 474.40 up 3.70
Jul 480.30 up 3.70
Futures Prices as of December 12, 2019
Prices are in Canadian dollars per metric ton