WINNIPEG – The ICE Futures canola market was slightly lower at midday Wednesday after having encountered resistance at the C$850 per tonne mark.
One trader attributed the decline to a collapse in soyoil prices at the start of trade, falling by more than three United States cents per pound in the span of a half-hour before recovering some of the losses. The U.S. Environmental Protection Agency (EPA) is set to announce new biodiesel fuel blends later this week.
“That just pulled the rug out of canola for a little bit,” the trader said. “We we’re finally getting a rebound from canola because canola was oversold and getting very undervalued again.”
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While Chicago soyoil was lower, European rapeseed and Malaysian palm oil were both fractionally higher. Meanwhile, crude oil rallied by two United States dollars per barrel due to U.S. stockpiles having their largest decline since 2019.
The Canadian dollar was more than one-quarter of a U.S. cent higher this morning.
Nearly 23,790 canola contracts were traded as of 10:53 CST.
Price Change
Canola Jan 833.50 dn 2.60
Mar 832.00 dn 2.70
May 835.20 dn 3.00
Jul 838.90 dn 4.10
