By Glen Hallick, MarketsFarm
WINNIPEG, Feb. 11 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were mixed at midday Thursday, with losses in the old crop months and gains in the lightly-traded new crop contracts.
“Things continue to be erratic and all over the map,” a trader commented.
There were gains in the Chicago soy complex, Malaysian palm oil and European rapeseed. Plus, there were upticks in global crude oil prices lending support to edible oils.
“There’s someone leaning on canola,” the trader said, theorizing it could be spreaders or someone “who’s looking to tip this over” to push prices down.
However, he pointed to firm soyoil and soymeal prices in Chicago that are preventing from canola dropping any further.
The Canadian dollar was virtually unchanged, with the loonie at 78.84 U.S. cents when compared to Thursday’s close of 78.85.
Approximately 17,950 canola contracts were traded as of 10:40 CST.
Prices in Canadian dollars per metric tonne at 10:40 CST:
Price Change
Canola Mar 1,009.30 dn 10.50
May 997.20 dn 8.40
Jul 967.30 dn 11.40
Nov 846.10 up 1.20
