ICE Canola Midday: Canadian oilseed again showing independent strength

By Glen Hallick, MarketsFarm

WINNIPEG, March 3 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were higher at midday Wednesday in another show of independent strength, according to a Calgary-based analyst.

“The United States side is actually wobbling a bit, so canola is kind of going at it alone right now,” he said.

The analyst noted that canola exports have been excellent and are in “clean-up mode” at this time.

He added that vegetable oils have been quite volatile, making them very difficult to call at times.

“It can suddenly sprint $10 to $15 higher…it also makes the market vulnerable to those sudden drops as well,” the analyst commented.

The Canadian dollar, was a pinch higher at 79.29 U.S. cents after closing on Tuesday at 79.20.

Approximately 4,500 canola contracts were traded as of 10:35 CST.

Prices in Canadian dollars per metric tonne at 10:35 CST:

Price Change
Canola May 757.00 up 3.90
Jul 721.10 up 5.50
Nov 606.20 up 5.00
Jan 607.30 up 3.20

Futures Prices as of March 3, 2021

Canola
Price Change
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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