By Glen Hallick, MarketsFarm
WINNIPEG, Jan. 17 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were steady to higher Friday morning, a slowdown in fund and farmer selling as well as the recent frigid weather has helped to underpin bids.
Although the technical bias for canola has been to the downside, it’s holding above support on the price chart, plus canola remains relatively cheap compared to other vegetable oils.
Meanwhile, European rapeseed, Malaysian palm oil and Chicago soyoil prices continue their downward trend, which has put pressure on canola.
However, the Chicago soy complex is beginning to stabilize after accumulating several days of losses.
The Canadian dollar was firm this morning at 76.64 U.S. cents after closing Thursday at 76.66.
About 3,300 canola contracts had traded as of 8:43 CST.
Prices in Canadian dollars per metric ton at 8:43 CST:
Canola Mar 477.40 up 1.40
May 486.20 up 1.20
Jul 491.30 up 1.00
Nov 494.50 unchanged
Futures Prices as of January 17, 2020
Prices are in Canadian dollars per metric ton