By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Oct. 25 (MarketsFarm) – The ICE Futures canola market was stronger at midday Monday, taking some direction from outside vegetable oil markets.
Chicago Board of Trade soyoil futures were posting solid gains, seeing a recovery after profit-taking weighed on values late last week. Malaysian palm oil and European rapeseed futures were also higher.
Canada’s tight supply situation remained a bullish influence underneath the market, as demand will need to be rationed going forward.
However, is already expensive and looking overbought at current price levels, with crush margins in negative territory.
Recent strength in the Canadian dollar was also weighing on values, although the currency was lacking any clear direction to start the week.
About 15,200 canola contracts traded as of 10:44 CDT.
Prices in Canadian dollars per metric tonne at 10:44 CDT:
Price Change
Canola Nov 940.50 up 10.80
Jan 934.50 up 9.20
Mar 920.70 up 8.80
May 894.50 up 7.80
