ICE canola midday: Bids either side of steady

By Glen Hallick, MarketsFarm

WINNIPEG, July 22 (MarketsFarm) – ICE Futures canola contracts were trading either side of steady at midday Monday, with support coming from a lower Canadian dollar, said a Winnipeg-based trader.

As of mid-morning the loonie was at 76.23 U.S. cents, down from Friday’s close of 76.51.

The trader said canola had a good rally on Friday and bumped up to the $450 per tonne range.

“We’re basically hovering right around the 20-day moving average,” he said, noting funds have been, “sitting on a rather large short position.”

Approximately 5,600 canola contracts were traded as of 10:37 CDT.

Prices in Canadian dollars per metric tonne at 10:37 CDT:

Price Change
Canola Nov 449.20 dn 0.40
Jan 456.00 dn 0.60
Mar 463.80 up 0.20
May 469.90 up 0.60

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