WINNIPEG – The ICE Futures canola market was trading in a sideways pattern at midday Wednesday to go with a mixed tone in vegetable oils.
The Chicago soy complex was lower to start the day except for October soy meal. European rapeseed was higher while Malaysian palm oil was lower. Meanwhile, crude oil prices were on the rise as OPEC+ gets set to announce reduced output this week.
One analyst said he finds it unlikely canola will rally today after Wednesday’s price collapse. After rising C$27 per tonne early on, nearing the C$900 mark, canola contracts were on the negative side of unchanged on Wednesday.
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High temperatures across the Prairies are expected to take a turn on Thursday, failing to exceed the 20-degree Celsius mark. Sun and cloud were forecast for the region today with a chance of showers in parts of Alberta.
The Canadian dollar has already lost Wednesday’s gains, dropping six-tenths of a U.S. cent and providing support for canola prices.
Nearly 19,100 canola contracts were traded as of 10:23 CDT.
Price Change
Canola Nov 864.20 up 0.50
Jan 871.80 dn 0.10
Mar 878.60 up 0.30
May 879.70 up 0.30
