ICE canola: conflicting influences keep market steady

By Glen Hallick, Commodity News Service Canada

WINNIPEG, Jan. 25 (CNS Canada) – Canola bids were holding relatively steady at midday Friday, lacking any clear direction.

“It’s having a hard time to figure out where to go I think,” said a Winnipeg-based trader.
One factor on canola bids was the Canadian dollar, which had climbed by about a half cent Friday morning to around US$0.755.

While the rising currency was bearish, Chicago Board of Trade soyoil was higher.

The trader noted the crush value was at C$67 above the futures, which has been higher compared to its position last year.

“That’s probably why you’re seeing good buying in here. It is a good crush value, at least for the crushers,” he said, adding canola is at a good value relative to soybeans.

Also he stated there has been some rollout of the March contract a little earlier in January than usual.
About 11,000 canola contracts were traded as of 11:00 CST.

Futures Prices as of January 25, 2019

Canola
2019-01-25 10:43
Price Change
Mar 486.8 -0.20
May 495.4 -0.40
Jul 502.9 -0.90
Nov 500 -1.50
Milling Wheat
1970-01-01 00:00
Price Change
Durum
1970-01-01 00:00
Price Change
New Barley
1970-01-01 00:00
Price Change

Prices are in Canadian dollars per metric ton

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