By Glen Hallick, MarketsFarm
WINNIPEG, March 30 (MarketsFarm) – Canola futures on the Intercontinental Exchange (ICE) were mostly higher at midday Wednesday, in a bout of choppy trading that has seen prices on either side of steady.
A Winnipeg-based trader noted that canola has essentially been “dysfunctional” over the last month and is very likely to remain that way until well into harvest. He said canola has generally backtracked when the Chicago soy complex moved higher and made gains when the latter fell back.
The trader also said farmers for the most part have been reluctant sellers, with little left in their bins. That the farmers still have, he believes they’re waiting for the Canadian oilseed to hit C$30 per bushel. Price and Data Quotes lists cash prices for canola across the Prairies between C$24 to C$25/bu.
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As canola convulses back and forth, support came from strong upticks in the soy complex and European rapeseed. Meanwhile losses in Malaysian palm oil tempered those increases.
With the markets doubting Russian pronouncements of reducing their offensives on Kyiv and other cities in Ukraine, global crude oil prices were back on the rise. In turn, that was providing support for edible oils.
The Canadian dollar was higher with the loonie at 80.16 U.S. cents compared to Tuesday’s close of 79.94.
Approximately 7,750 canola contracts were traded as of 10:37 CDT.
Prices in Canadian dollars per metric tonne at 10:37 CDT:
Price Change
Canola May 1,134.80 up 0.60
Jul 1,111.00 dn 2.20
Nov 961.70 up 1.70
Jan 961.60 up 1.70
