By Glen Hallick, MarketsFarm
WINNIPEG, June 2 (MarketsFarm) – Canola futures on the Intercontinental Exchange (ICE) were mostly lower at midday Thursday, with only the lightly-traded May 2023 contract seeing any gains.
A trader noted that canola has been particularly erratic lately, with significant swings up and down. He said that the Canadian oilseed was about C$25 per tonne below product values. Also crush margins have gained around $40 over the last few days.
He said canola prices are working their way “to more comfortable and more workable levels,” while some of the spec money wants to exit canola. That said, he pointed to other vegetable oils remaining “steady and firm,” meaning canola likely won’t move much more.
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The trader stressed the need for sufficient rain over the areas of the western Prairies that are still drought stricken, as crops in the region are struggling.
The Canadian dollar was higher with the loonie at 79.42 U.S. cents, compared to Wednesday’s close of 79.12.
Approximately 12,700 canola contracts were traded as of 10:28 CDT.
Prices in Canadian dollars per metric tonne at 10:28 CDT:
Price Change
Canola Jul 1,149.50 dn 3.80
Nov 1,046.50 dn 8.30
Jan 1,050.90 dn 7.20
Mar 1,052.40 dn 5.70
