By Glen Hallick, MarketsFarm
WINNIPEG, April 13 (MarketsFarm) – Canola futures on the Intercontinental Exchange (ICE) remained mixed at midday Wednesday as the old crop/new crop spreads narrowed.
A trader said that canola continued to be quite overvalued compared to other edible oils and needs to come down by C$60 to C$100 per tonne.
He noted that the Canadian oilseed was deriving support from gains in Chicago soyoil.
Losses in Chicago soybeans and soymeal applied some pressure on canola. Losses in European rapeseed and in most Malaysian palm oil contracts also weighed on values. Global crude oil prices were higher, which tempered further declines in edible oils.
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A major snowstorm has struck southern Manitoba and parts of eastern Saskatchewan, which will delay spring planting in those areas. However, the snow will be beneficial to soil moisture levels.
The Canadian dollar was virtually unchanged with the loonie at 79.24 U.S. cents compared to Tuesday’s close of 79.26.
Approximately 18,000 canola contracts were traded as of 10:33 CDT.
Prices in Canadian dollars per metric tonne at 10:33 CDT:
Price Change
Canola May 1,144.90 dn 12.70
Jul 1,128.10 dn 7.30
Nov 1,024.90 up 6.20
Jan 1,021.30 up 2.20
