By Glen Hallick, MarketsFarm
WINNIPEG, Jan. 11 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were higher at mid-session Wednesday, trying to reclaim at least a small portion of their losses over the last couple of sessions.
An analyst stressed that canola has been rangebound during the last six to seven months, and it’s probably to continue that way for a couple more. He said Chicago soyoil and Malaysian palm oil have been rangebound as well, and until they break one way or another, canola will likely stay trading between C$800 to C$900 per tonne.
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Support for the Canadian oilseed was coming from gains in the Chicago soy complex, although soyoil wasn’t much better than steady. Additional support came from increases in European rapeseed while pressure came from declines in Malaysian palm oil. Upticks in global crude oil prices were spilling over into vegetable oils.
Wide crush margins continued to underpin canola values, but they remained well away from recent record levels.
The Canadian dollar was down a small pinch on Wednesday, with the loonie dipping to 74.44 U.S. cents, compared to Tuesday’s close of 74.51.
Approximately 12,750 canola contracts were traded as of 10:32 CST.
Prices in Canadian dollars per metric tonne at 10:32 CST:
Price Change Canola Mar 846.00 up 4.40 May 842.70 up 4.50 Jul 843.90 up 5.10 Nov 815.20 up 5.00
