By Marlo Glass, MarketsFarm
WINNIPEG, Nov. 10 (MarketsFarm) – ICE Futures canola contracts were stronger at midday Tuesday, supported by a dip in the Canadian dollar.
The loonie hit two-year highs on Monday, but has since drawn back due to strength in the United States Dollar Index.
Nearby soyoil contracts were slightly lower in early morning trade, which kept a lid on further gains for canola. Globally, Malaysian palm oil and European rapeseed were higher in overnight trade, which gave canola prices a bit of a boost.
Market participants are waiting for the World Agriculture Supply Demand Estimates report (WASDE) from the United States Department of Agriculture (USDA).
Approximately 12,000 canola contracts were traded as of 10:35 CST.
Prices in Canadian dollars per metric tonne at 10:35 CST:
Price Change
Canola Jan 553.00 up 4.60
Mar 557.10 up 4.30
May 557.70 up 4.20
Jul 554.80 up 2.60
