By Glen Hallick, MarketsFarm
WINNIPEG, June 1 (MarketsFarm) – Canola futures on the Intercontinental Exchange (ICE) were retreating at midday Wednesday, due to “wheat/corn dynamics” said a trader.
The United States markets were experiencing sizeable losses in corn and the wheat complex that added pressure onto other commodities including the oilseeds, he explained.
The trader also noted the canola market has been particularly choppy of late, meaning wild swings in prices shouldn’t be a surprise.
With sharp losses in U.S. wheat and corn, the Chicago soy complex turned lower. On top of that, declines in European rapeseed added more pressure on canola, while gains in Malaysian palm oil attempted to stymie further losses. Support for vegetable oils was coming from moderate increases in global crude oil prices.
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Manitoba reported that the pace of spring planting quadrupled over week to 40 per cent complete. However, the five-year average at this point is 91 per cent finished.
The Canadian dollar was down a pinch with the loonie at 78.96 U.S. cents, compared to Tuesday’s close of 79.06.
Approximately 11,400 canola contracts were traded as of 10:39 CDT.
Prices in Canadian dollars per metric tonne at 10:39 CDT:
Price Change
Canola Jul 1,158.00 dn 26.30
Nov 1,049.20 dn 24.20
Jan 1,055.00 dn 22.80
Mar 1,054.00 dn 21.90
