By Glen Hallick, MarketsFarm
WINNIPEG, May 13 (MarketsFarm) – Canola futures on the Intercontinental Exchange (ICE) were on the rise at midday Friday, due in part to lighter volumes of activity according to a trader.
“They’re pushing it up because they can,” he noted, suggesting the crushers could be behind the increases.
The trader also questioned the double-digit spike in old crop July, stating nobody needs that contract anymore. He pointed to the more deferred positions as a better buy for going long.
With seeding not getting anywhere across much of the soggy eastern Prairies, the trader surmised that was having an impact on canola prices.
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There was support for the Canadian oilseed coming from gains in the Chicago soy complex and European rapeseed, while Malaysian palm oil was mixed. There were good upticks in global crude oil prices which lent support to edible oils.
The Canadian dollar was higher, with the loonie at 77.28 U.S. cents, compared to Thursday’s close of 76.69.
Approximately 8,300 canola contracts were traded as of 10:30 CDT.
Prices in Canadian dollars per metric tonne at 10:30 CDT:
Price Change
Canola Jul 1,173.00 up 20.80
Nov 1,097.40 up 9.50
Jan 1,100.50 up 9.70
Mar 1,097.90 up 9.10
