By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Oct. 7 (MarketsFarm) – The ICE Futures canola market was holding onto small gains at midday Wednesday, taking some direction from the Chicago Board of Trade soy complex.
A slowdown in farmer selling, with harvest operations wrapping up across the Prairies, added to the firmer tone, according to a broker.
However, the broker added that canola was trailing soybeans to the upside, with product values outpacing the Canadian oilseed higher.
The Canadian dollar was firmer at midday, which put some pressure on canola. Spread activity, with traders buying soybeans and selling canola, also weighed on values.
About 21,300 canola contracts traded as of 11:02 CDT.
Prices in Canadian dollars per metric tonne at 11:02 CDT:
Price Change
Canola Nov 526.70 up 1.30
Jan 534.00 up 2.60
Mar 540.10 up 2.50
May 542.10 up 2.50
