By Glen Hallick, MarketsFarm
WINNIPEG, March 16 (MarketsFarm) – Canola futures on the Intercontinental Exchange (ICE) were lower at midday Wednesday, with double-digit losses in the old crop months. However, there were gains in the very lightly-traded new crop May and July.
An analyst said the sharp declines in United States wheat were partly to blame for the Canadian oilseed stepping back. He added that losses in the Chicago soy complex and European rapeseed weighed on canola, while gains in Malaysian palm oil tried to take out some of the sting.
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Earlier advances in global crude oil prices had been supportive, but they turned lower by mid-morning, which put additional pressure on edible oils.
The possibility of a strike at Canadian Pacific Railway by about 3,000 members of the Teamsters Canada Rail Conference still loomed. A disruption in CP Rail’s service would be felt throughout North America.
The Canadian dollar was on the rise, with the loonie at 78.55 U.S. cents compared Tuesday’s close of 78.11.
Approximately 8,100 canola contracts were traded as of 10:34 CDT.
Prices in Canadian dollars per metric tonne at 10:34 CDT:
Price Change
Canola May 1,107.10 dn 12.60
Jul 1,082.50 dn 12.30
Nov 931.60 dn 3.30
Jan 929.70 dn 4.10
