WINNIPEG – The ICE Futures canola market was striking a mixed tone at midday on Friday, trading higher on the nearby contract and lower on the deferreds.
One trader said that there is no major player taking control of the canola market, causing prices to stay rangebound and directionless.
“We’re kind of in a neutral type of market behaviour and we see a very good balance,” the trader said. “Farmer selling has been pretty steady here over the last few weeks and we’re also seeing kind of a steady crush pace, steady exports here, seasonally high export demand here right now…The market wants to entice farmer selling at the current levels and the canola is kind of holding up relative to (soybeans).”
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Chicago soyoil was trading higher while soy meal was trading lower than nine U.S. cents per ton. European rapeseed was mixed, while Malaysian palm oil was mostly higher. Crude oil was trading slightly higher.
The Canadian dollar was trading more than half of a United States cent higher than Thursday’s close, but the loonie’s strength was having little effect on canola prices.
Nearly 16,000 canola contracts were traded as of 10:33 CST. There will be no ICE canola trading on Friday due to Remembrance Day.
Price Change
Canola Jan 893.70 up 2.20
Mar 888.10 dn 0.40
May 890.00 dn 1.50
Jul 890.50 dn 2.60
