By Glen Hallick, MarketsFarm
WINNIPEG, Nov. 22 (MarketsFarm) – ICE Futures canola contracts were steady to higher at midday Thursday as bids remain range-bound, according to a Winnipeg-based analyst.
“Maybe we’re looking at a little bit of soyoil, as that has come up. The Canadian dollar has come back down,” he said, noting canola has been range-bound for about a month.
The strike at Canadian National Railway might be able to shake canola out of it, the analyst said.
That labour dispute is into its fourth day, with the Teamsters Canada Rail Conference stating very little progress has been made in negotiations with CN, according to a report.
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While the federal government said it’s not prepared to intervene in the matter, there have been calls from the agriculture, oil and manufacturing sectors as well as some provinces for the feds to enter the fray. That being either mediation or back-to-work legislation.
The Canadian dollar was slightly lower so far today at 75.21 U.S. cents, compared to yesterday’s close of 75.27.
Approximately 5,900 canola contracts were traded as of 10:41 CST.
Prices in Canadian dollars per metric tonne at 10:41 CST:
Price Change
Canola Jan 463.70 up 0.50
Mar 472.70 up 0.50
May 480.70 up 0.60
Jul 487.40 up 0.90
