By Glen Hallick, MarketsFarm
WINNIPEG (MarketsFarm) Jan. 25 – Intercontinental Exchange (ICE) canola futures were mostly lower in the old crop months at midday Tuesday, as the liquidation carried on to some extent, according to a trader.
“It’s not an avalanche by any means. Some are rolling into July, some are rolling into new crop or moving elsewhere,” he commented, noting that canola “still remains in the stratosphere.”
He stressed there was still good support coming from other veg oils, including Malaysian palm oil which was also been very high lately.
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European rapeseed was mostly higher as traders were getting out of the February contract. Support for canola was also coming from increases in Chicago soybeans and soyoil. More support for edible oils was spilling over from another round of significant upticks in crude oil.
The Canadian dollar was higher, with the loonie at 79.17 U.S. cents, compared to Monday’s close of 79.01.
Approximately 15,650 canola contracts were traded as of 10:38 CST.
Prices in Canadian dollars per metric tonne at 10:38 CST:
Price Change
Canola Mar 989.00 dn 6.90
May 982.00 dn 3.50
Jul 963.00 up 3.50
Nov 832.60 up 0.20
