By Glen Hallick, MarketsFarm
WINNIPEG, Jan. 13 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were steady to higher at midday Wednesday, in what has been a choppy day in the markets.
A Winnipeg-based analyst commented the increases in canola were a continuation of the upward trend the oilseed has been experiencing.
The analyst suggested that farmers should keep a close eye on local basis levels.
“We are seeing a lot of differences and erratic price movement between cash levels, as well as futures,” he said.
As for other edible oils, Chicago soyoil was slightly lower, while Malaysian palm oil and European rapeseed were higher.
By midday, the Canadian dollar made some small gains with the loonie at 78.60 U.S. cents compared to Tuesday’s close of 78.46.
Approximately 16,500 canola contracts were traded as of 10:37 CST.
Prices in Canadian dollars per metric tonne at 10:37 CST:
Canola Mar 686.90 unchanged
May 669.10 up 0.10
Jul 653.60 up 1.40
Nov 551.80 up 3.90