By Glen Hallick, MarketsFarm
WINNIPEG, Jan. 21 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were higher at midday Thursday getting spillover from good gains in Chicago soyoil.
A Winnipeg-based trader remarked that canola had been “beaten down, but it’s back up again.”
There was additional support from higher European rapeseed and Malaysian palm oil values.
The trader noted the old crop/new crop spreads have been realigning this week and spread volumes have been lower. Also, he said there remained some two-sided trading with some spec liquidation.
While temperatures on the Prairies have turned somewhat colder, the trader suggested the weather likely hasn’t impeded the pace of farmer deliveries. The latest data on grain deliveries from the Canadian Grain Commission will be issued later today.
The Canadian dollar was higher and weighing on values. The loonie was at 79.13 U.S. cents after closing Wednesday at 79.01.
Approximately 28,100 canola contracts were traded as of 10:46 CST.
Prices in Canadian dollars per metric tonne at 10:46 CST:
Canola Mar 654.00 up 5.60
May 641.70 up 7.10
Jul 627.50 up 7.80
Nov 544.20 up 7.70
Futures Prices as of January 21, 2021
Prices are in Canadian dollars per metric ton