By Glen Hallick, MarketsFarm
WINNIPEG, May 12 (MarketsFarm) – Canola futures on the Intercontinental Exchange (ICE) were stepping back at midday Thursday, but have come away from larger losses earlier in the session.
A trader noted that the Canadian oilseed was “more or less back in line” with the product values. Also, he said the crush margins are becoming more workable as they creep upward. As well, he believed there was some spec money moving out of canola.
While seeding on across much of the eastern Prairies remained largely at a standstill, the trader said by the early June there should be a good amount of crop growth.
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On those parts of the western Prairies where it’s very dry, many farmers are said to be waiting for rain before planting their canola.
The United States Department of Agriculture is scheduled to release its May supply and demand estimates at 11 am CDT. There continued to be movement in the markets ahead of the report.
With the U.S. dollar at its highest levels since the end of 2002, the Canadian dollar was lower. The loonie fell back to 76.83 U.S. cents, compared to Wednesday’s close of 77.10.
Approximately 6,500 canola contracts were traded as of 10:33 CDT.
Prices in Canadian dollars per metric tonne at 10:33 CDT:
Price Change
Canola Jul 1,148.90 dn 3.40
Nov 1,086.30 dn 3.20
Jan 1,089.80 dn 2.10
Mar 1,088.20 dn 1.20
