By Glen Hallick, MarketsFarm
WINNIPEG, March 17 (MarketsFarm) – Canola futures on the Intercontinental Exchange (ICE) were mixed at midday Thursday, with gains in the old crop positions plus slight increases in the new crop contracts.
An analyst said the reversal of fortunes from yesterday’s losses was largely due to the strong upticks in global crude oil prices. The spillover has generated significant increases in the Chicago soy complex and a spike in the nearby May contract for European rapeseed. Despite those gains, Malaysian palm oil and the other rapeseed positions were lower.
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Canadian Pacific Railway announced on Thursday that it’s prepared to lockout the 3,000 locomotive engineers, conductors, as well as train and yard workers who are members of the Teamster Canada Rail Conference. Talks on Wednesday between the company and the union failed to reach an agreement. The lockout would take effect at midnight Sunday, bringing CP’s rail service in Canada to a halt.
The Canadian dollar was on the rise, with the loonie at 78.96 U.S. cents compared Wednesday’s close of 78.61.
Approximately 7,150 canola contracts were traded as of 10:16 CDT.
Prices in Canadian dollars per metric tonne at 10:16 CDT:
Price Change
Canola May 1,128.60 up 14.70
Jul 1,098.40 up 11.00
Nov 932.80 up 1.00
Jan 931.70 up 0.50
