By Glen Hallick, MarketsFarm
WINNIPEG, March 2 (MarketsFarm) – Canola futures on the Intercontinental Exchange (ICE) were mostly lower at midday Wednesday, attempting to correct from the sharp spikes over the last couple of days. Of the actively traded contracts there was a small gain in new crop November.
An analyst pointed to the significant declines in the Chicago soy complex, which were pulling canola down with it.
He also warned that the United States wheat complex and global crude oil were greatly overbought due to Russia’s invasion of Ukraine. Chicago and Kansas City wheat was lock limit up in their old crop months, while gains in crude were beginning to fade, but the analyst stressed they are due for a correction.
The Canadian dollar was higher, with the loonie at 78.90 U.S. cents compared to Tuesday’s close of 78.69.
Approximately 9,300 canola contracts were traded as of 10:43 CST.
Prices in Canadian dollars per metric tonne at 10:43 CST:
Price Change
Canola May 1,076.80 dn 3.10
Jul 1,048.50 dn 1.10
Nov 893.00 up 1.80
Jan 891.10 dn 0.20
