By Glen Hallick, MarketsFarm
WINNIPEG, March 15 (MarketsFarm) – Canola futures on the Intercontinental Exchange (ICE) were mixed at midday Tuesday, with losses in the old crop months and small gains in the new crop positions.
A trader noted the rolling out of the May was already underway; with new crop November as the primary destination.
He added that concerns over dryness in Western Canada are “balderdash” when it comes to canola.
“About 75 per cent of the Prairie canola acres are covered by a minimum of two feet of snow, with some up to five to six feet. The only dry areas remaining don’t grow very much canola,” the trader stated.
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The Canadian dollar was lower; with the loonie at 77.99 U.S. cents compared Monday’s close of 78.27.
Approximately 6,500 canola contracts were traded as of 10:31 CDT.
Prices in Canadian dollars per metric tonne at 10:31 CDT:
Price Change
Canola May 1,112.40 dn 9.80
Jul 1,090.60 dn 5.90
Nov 934.00 up 0.90
Jan 933.40 up 1.40
