Canola Futures Posting Gains in Rangebound Thursday Trade

ICE canola futures in Winnipeg were modestly higher Thursday morning, staying in a tight sideways range. The November contract rose C$5.80 to C$830.90 per metric tonne, within the past month’s trading band of C$815 to C$840. Support came from firmer crude oil, which helped bolster world vegetable oil markets, even as Chicago soyoil eased in early trading. European rapeseed and Malaysian palm oil were little changed. The Canadian dollar hit a two-month low versus the U.S. dollar, improving crush margins and making exports more attractive. Traders reported about 19,900 canola contracts traded by 9:41 a.m. EDT.