ICE Canola Midday: Prices stronger midday Tuesday

By Marlo Glass, MarketsFarm

WINNIPEG, Nov. 10 (MarketsFarm) – ICE Futures canola contracts were stronger at midday Tuesday, supported by a dip in the Canadian dollar.

The loonie hit two-year highs on Monday, but has since drawn back due to strength in the United States Dollar Index.

Nearby soyoil contracts were slightly lower in early morning trade, which kept a lid on further gains for canola. Globally, Malaysian palm oil and European rapeseed were higher in overnight trade, which gave canola prices a bit of a boost.

Market participants are waiting for the World Agriculture Supply Demand Estimates report (WASDE) from the United States Department of Agriculture (USDA).

Approximately 12,000 canola contracts were traded as of 10:35 CST.
Prices in Canadian dollars per metric tonne at 10:35 CST:

                          Price      Change
Canola            Jan     553.00    up  4.60
                  Mar     557.10    up  4.30
                  May     557.70    up  4.20
                  Jul     554.80    up  2.60