By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures pulled back on Wednesday morning, lacking sufficient support from comparable oils.
Chicago soybeans and soyoil were to the downside while soymeal was narrowly mixed. Malaysian palm oil was on the rise and European rapeseed was on either side of unchanged. Global crude oil prices were slightly higher.
There were gains in the canola crush margins, with the old crop positions rising to C$195 to C$202 per tonne above the futures.
The Canadian dollar was relatively steady on Wednesday morning as the loonie nudged up to 73.81 U.S. cents compared to Tuesday’s close of 73.77.
Traders continued to roll out of the March contract, accounting for the higher than usual volumes.
Approximately 13,350 contracts had traded by 8:35 CST and prices in Canadian dollars per metric tonne were:
Price Change Canola Mar 590.90 dn 4.60 May 598.10 dn 4.40 Jul 605.10 dn 3.90 Nov 607.60 dn 1.90
