ICE Midday: Canola back to multi-week highs

Glacier FarmMedia MarketsFarm – The ICE Futures canola market regained its upward momentum on Thursday morning, with the November contract already hitting a three-week high.

Chicago soyoil, European rapeseed and Malaysian palm oil were all higher, giving support to the oilseed. Crude oil was also up more than US$1 per barrel due to welcome economic data from the United States as well as production issues in Libya.

One analyst said an inversion in soyoil prices piqued his interest, and he raised the possibility of short-covering in canola and export purchases of the oilseed by China combining to lift prices.

The Canadian dollar was steady compared to Wednesday’s close.

About 18,100 contracts have traded at 10:09 CDT. Prices in Canadian dollars per metric tonne:

Price          Change

Nov 608.70     up 12.90

Jan 618.00     up 11.70

Mar 624.00     up  9.70

May 628.80     up  9.20