ICE Canola Holding Onto Small Gains, Well Off Highs

WINNIPEG, Manitoba--The ICE Futures canola market was posting small gains in the most active months at midday Wednesday, although activity was choppy and values were well off their session highs.

The November contract traded just shy of C$620 per tonne earlier in the session, but farmer selling came forward near that psychological level and the contract was at C$611.20 by 11:46 EDT.

An overnight rally to contract highs in Malaysian palm oil lent support to the world vegetable oil markets, with the escalating conflict in the Middle East also bringing more buying interest into the agricultural commodities, according to a trader.

Chicago soyoil futures were also higher at midday, although soybeans were lower.

The Canadian dollar was trading near unchanged at midsession.

An estimated 36,000 canola contracts traded as of 11:46 EDT.

Prices in Canadian dollars per metric tonne at 11:46 EDT:

 
 Canola 
        Price   Change 
 Nov    611.10  up 0.30 
 Jan    624.50  up 0.50 
 Mar    635.50  up 0.50 
 May    643.40  up 0.60 
 

Source: Commodity News Service Canada, news@marketsfarm.com

(END) Dow Jones Newswires

October 02, 2024 12:14 ET (16:14 GMT)

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