By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Nov. 9 (MarketsFarm) – The ICE Futures canola market was mixed Monday morning, with gains in the most active nearby months as optimism over a COVID-19 vaccine provided support.
Chicago Board of Trade soyoil climbed to some of its best levels in three years in overnight trade. European rapeseed and Malaysian palm oil futures were also up in overnight trade. Crude oil rose by roughly 10 per cent to start the week.
News that a COVID-19 vaccine developed by Pfizer was 90 per cent effective in preventing the virus in trials gave a shot of optimism to world financial markets to start the week.
However, the resulting strength in the Canadian dollar tempered the upside in canola, as the rising currency cuts into crush margins and makes exports less attractive.
About 3,600 canola contracts had traded as of 8:42 CST.
Prices in Canadian dollars per metric ton at 8:42 CST:
Price Change
Canola Jan 547.20 up 1.30
Mar 551.00 up 0.80
May 550.90 unchanged
Jul 548.30 dn 1.20
