By Glen Hallick, MarketsFarm
WINNIPEG, July 16 (MarketsFarm) – ICE Futures canola contracts were higher at midday Thursday due to strength in the Chicago Board of Trade soy complex.
A Winnipeg-based trader said the complex was higher because of the large purchase of soybeans China made earlier today.
“Most of it is new crop, which doesn’t have as much impact as an old crop sale,” he said.
Support also came from higher Malaysian palm oil, but lower European rapeseed weighed on values.
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The trader commented that farmer selling of canola has picked up.
“It’s probably due to the development of the crop. About two to three weeks ago the crop looked pretty shaky. It generally looks a lot better and growers are more confident in selling, which is the normal pattern,” he explained.
The trader noted canola prices have been very choppy this week, up one day and down the next.
The Canadian dollar was virtually unchanged at 73.87 U.S. cents.
Approximately 7,900 canola contracts were traded as of 10:45 CDT.
Prices in Canadian dollars per metric tonne at 10:45 CDT:
Price Change
Canola Nov 479.50 up 1.50
Jan 486.90 up 1.60
Mar 492.60 up 1.60
May 496.60 up 1.50
