By Glen Hallick, MarketsFarm
WINNIPEG, March 4 (MarketsFarm) – Canola futures on the Intercontinental Exchange (ICE) were mostly higher at midday Friday, with firm gains in the new crop months. Meanwhile, the old crop positions were fluctuating on either side of unchanged, particularly the May contract.
Support came from upticks in European rapeseed, as well as Chicago soybeans and soymeal. However, declines in Chicago soyoil and Malaysian palm oil were restraining those gains in canola.
A trader noted that several countries said they’re forgoing their biofuel blending requirements for now, citing the need to divert the oilseeds to food use.
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The trader also pointed to locked limit rise of North American wheat, especially the Chicago May contract, due to the war in Ukraine. He said the wheat is dragging along corn, soybeans, plus other grains and oilseeds on its upward climb. However, he stressed that once Chicago May bursts, everything else will come tumbling down with it.
The Canadian dollar was lower, with the loonie at 78.32 U.S. cents compared to Thursday’s close of 78.96.
Approximately 12,750 canola contracts were traded as of 10:37 CST.
Prices in Canadian dollars per metric tonne at 10:37 CST:
Price Change
Canola May 1,083.20 dn 0.10
Jul 1,057.10 up 1.10
Nov 899.70 up 9.60
Jan 897.90 up 8.70
