By Marlo Glass, MarketsFarm
WINNIPEG, Nov. 7 (MarketsFarm) – The ICE Futures canola market was steady to stronger on Thursday morning, backing off from previous highs due to lack of follow-through buying.
One Winnipeg-based trader remarked that markets were range-bound and lacking a strong sense of direction. “[Markets] look like they want to do one thing, and then they back off and look like they might go the other way, and then they back off of that,” he said.
Canola values were supported by a relatively weaker Canadian dollar, which was around 75.8 U.S. cents at midday. Canola demand has remained consistent despite a lack of buying from China. Crush margins have more than doubled over the past year.
About 5,300 canola contracts traded as of 10:50 CST.
Prices in Canadian dollars per metric tonne at 10:50 CST:
Canola Jan 463.00 up 0.60
Mar 472.30 up 0.60
May 480.60 up 0.10
Jul 487.90 unch
Commodity Future Prices
Prices are in Canadian dollars per metric ton