By Glen Hallick, MarketsFarm
WINNIPEG, Jan. 14 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures continued lower at midday Friday, with heavy volumes. The declines in the old crop positions were not as severe as yesterday, while the July and new crop contracts saw small gains.
There were ongoing losses in the Chicago soy complex, but it wasn’t down as hard as on Thursday. Meanwhile support was coming from increases in European rapeseed and Malaysian palm oil. Gains in crude oil prices were also helping to prop up edible oil values.
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A trader said the big move to get out of the nearby March canola contract has pretty much petered out. He also noted that canola crush margins improved significantly this week and that the spreads had narrowed a fair bit.
As the United States dollar regained lost strength, the Canadian dollar fell back. The loonie dropped to 79.71 U.S. cents, compared to Thursday’s close of 80.10.
Approximately 22,900 canola contracts were traded as of 10:34 CST.
Prices in Canadian dollars per metric tonne at 10:34 CST:
Price Change
Canola Mar 978.90 dn 5.90
May 968.80 dn 2.50
Jul 941.80 up 0.60
Nov 798.00 up 2.20
