ICE Canola Midday: Prices sliding back, July falls to down limit

Profit-taking weighing on canola values

By Glen Hallick, MarketsFarm

WINNIPEG, May 13 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were retreating at midday Thursday, with the old crop July contract at the expanded down limit of C$45 per tonne.

Should that trading remain at the down limit, then it will be further expanded to C$60 per tonne for Friday’s session.

A trader said there is a good amount of profit-taking in the United States markets that’s dragging down canola, including weakness in crude oil prices. As well, he said the markets were being overly sensitive towards inflation in the U.S.

Dryness across the Prairies was beginning to pose a challenge to planting canola, with farmers perhaps looking to other crops that are drought resistant, he said.

The weekly crop report from Saskatchewan Agriculture, due out today, was expected to show good seeding progress, but with growing concerns about the dry conditions.

The Canadian dollar was lower at 82.33 U.S. cents, compared to Wednesday’s close of 82.67.

Approximately 15,300 canola contracts were traded as of 10:37 CDT.

Prices in Canadian dollars per metric tonne at 10:37 CDT:

Price Change
Canola Jul 857.30 dn 45.00
Nov 739.00 dn 15.70
Jan 728.60 dn 17.50
Mar 709.50 dn 22.20

Futures Prices as of May 13, 2021

Canola
Price Change
Milling Wheat
1970-01-01 00:00
Price Change
Durum
1970-01-01 00:00
Price Change
New Barley
1970-01-01 00:00
Price Change

Prices are in Canadian dollars per metric ton

About the author

Glacier FarmMedia Feed

GFM Network News

Glacier FarmMedia, a division of Glacier Media, is Canada's largest publisher of agricultural news in print and online.

Comments

explore

Stories from our other publications