By Glen Hallick, MarketsFarm
WINNIPEG, March 31 (MarketsFarm) – Canola futures on the Intercontinental Exchange (ICE) were mixed at midday Thursday, with the old crop contracts slightly lower.
Movement in canola has been rather placid ahead of a number of reports out later today. While Russia is said to be willing to allow people to leave the Ukrainian port of Mariupol, they have increased their bombardment of Kharkiv. Also, United States President Joe Biden is expected to announce the largest release of oil from the country’s strategic reserves in almost 40 years.
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As well, the U.S. Department of Agriculture is set to issue its prospective plantings and quarterly grain stocks reports at 11 a.m. CDT.
While there were gains in Chicago soybeans and soymeal, plus most European rapeseed contracts, there were losses in Chicago soyoil, Malaysian palm oil and the rapeseed’s May contract. Sharp drops in global crude oil prices also put pressure on edible oil values.
The Canadian dollar was lower with the loonie at 80.07 U.S. cents compared to Wednesday’s close of 80.19.
Approximately 5,100 canola contracts were traded as of 10:29 CDT.
Prices in Canadian dollars per metric tonne at 10:29 CDT:
Price Change
Canola May 1,133.00 dn 0.60
Jul 1,109.00 dn 1.70
Nov 965.80 up 4.50
Jan 964.80 up 3.60
