ICE Canola Midday: Profit-taking looms as prices move higher

By Glen Hallick, MarketsFarm

WINNIPEG, March 5 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were higher at midday Friday, on commercial buying and support from Chicago soyoil, according to a Winnipeg-based trader.

However, he cautioned that could change during the remainder of today’s session.

“It is Friday, I wouldn’t be surprised for one second to see some profit-taking before the weekend,” the trader commented.

There were more sharp gains in Chicago soyoil, with gains of more than nine-tenths of a cent. Additional support was coming from European rapeseed. Malaysian palm oil incurred small declines.

The Canadian Grain Commission reported producer deliveries of canola for the week ended Feb. 28 were 465,100 tonnes, which brought the year-to-date to 13.41 million tonnes. Canola exports were 240,000 tonnes on the week, with the year-to-date just short of seven million tonnes. Domestic usage for the week was 194,500 tonnes, raising its total to 6.16 million tonnes.

The Canadian dollar was weaker with the loonie at 78.88 U.S. cents after closing on Thursday at 79.13.

Approximately 10,800 canola contracts were traded as of 10:48 CST.

Prices in Canadian dollars per metric tonne at 10:48 CST:

Price Change
Canola May 787.30 up 5.00
Jul 747.10 up 6.80
Nov 621.00 up 5.10
Jan 624.00 up 5.50

Futures Prices as of March 5, 2021

Canola
Price Change
Milling Wheat
1970-01-01 00:00
Price Change
Durum
1970-01-01 00:00
Price Change
New Barley
1970-01-01 00:00
Price Change

Prices are in Canadian dollars per metric ton

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