By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures remained lower at mid-session Thursday, but they came away from the double-digit declines that marked this week.
A trader said canola, as with other commodities was consolidating ahead of two major reports from the United States Department of Agriculture: the prospective plantings and grain stocks as of Mar. 1.
They are scheduled to be published at 11 am CDT and are expected to have an affect on the markets, especially the plantings report.
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The trader also noted “People who are ginger in the market and easily turn to the long side of things when the market goes up…they just decided to unwind those positions and take profits.”
Pressure on canola continued to be felt from declines in the Chicago soy complex, European rapeseed, and Malaysian palm oil. Upticks in global crude oil prices were limiting the losses in the oilseeds.
The markets will be closed tomorrow for Good Friday.
The Canadian dollar was higher late Thursday morning with the loonie climbing to 73.84 U.S. cents compared to Wednesday’s close of 73.68.
Approximately 21,750 canola contracts were traded as of 10:37 CDT, with prices in Canadian dollars per metric tonne:
Price Change Canola May 622.20 dn 5.00 Jul 631.50 dn 5.60 Nov 639.60 dn 5.70 Jan 647.70 dn 4.70
