By Glen Hallick, MarketsFarm
WINNIPEG, April 25 (MarketsFarm) – ICE Futures canola contracts were stronger at midday Thursday, due to a number of factors including the Canadian dollar, according to a Winnipeg-based trader.
The May and July contracts were both up C$2.20, with May at C$441.30 per tonne and July at C$450.10 per tonne.
The loonie was at 74.09 U.S. cents so far on Thursday, a slight increase but well below the 75 cent mark.
The trader said the markets sometimes take a few days before factoring the value of the Canadian dollar in order to see if any movement one way is going to last.
He said canola bids were getting some spillover from rising soybean prices on the Chicago Board of Trade. Also canola is showing some independent strength with a bounce from Statistics Canada’s acreage report that was released on Wednesday.
About 14,900 canola contracts were traded as of 10:16 CDT.
Prices in Canadian dollars per metric tonne at 10:16 CDT:
Canola May 441.30 up 2.20
Jul 450.10 up 2.20
Nov 462.40 up 2.00
Jan 469.50 up 2.30
Futures Prices as of April 25, 2019
Prices are in Canadian dollars per metric ton