By Glen Hallick, MarketsFarm
WINNIPEG, Nov. 15 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were on the rise on Tuesday morning as they gained traction.
Support was coming from upticks in Chicago soyoil, but there were slight declines in soybeans and soymeal. Also, European rapeseed and Malaysian palm oil were to the downside as global crude oil prices eased back to weigh on vegetable oils.
Crush margins remain enormously wide, but they have receded slightly over the last week. However, over the course of the last 12 months, November-December delivery has ballooned from minus C$171.20 per tonne to plus C$263.46.
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By Glen Hallick Glacier FarmMedia | MarketsFarm – Declines in canola futures on the Intercontinental Exchange expanded late Monday morning,…
The United States Commodity Futures Trading Commission (CFTC) reported the net managed money long position in canola was 3,089 contracts (25,876 long/22,787 short) as of Nov. 8. That swing of about 9,000 contracts produced the first net long since June 28.
The Canadian dollar was virtually unchanged on Tuesday morning, with the loonie at 75.23 U.S. cents, compared to Monday’s close of 75.26.
About 5,300 contracts had traded as of 8:37 CST.
Prices in Canadian dollars per metric tonne at 8:37 CST:
Price Change
Canola Jan 887.30 up 2.40
Mar 878.60 up 2.10
May 879.70 up 1.90
Jul 880.50 up 1.30
