By Glen Hallick, MarketsFarm
WINNIPEG, Nov. 21 (MarketsFarm) – ICE Futures canola contracts were lower at midday Thursday as Chicago soyoil and the Canadian dollar have flipped the other way, commented a Winnipeg-based trader.
Prior to today, the trend this week had been stronger soyoil prices at the Chicago Board of Trade and a weaker loonie provided support for canola. With the situation reversed on Thursday, prices have come down.
However, the trader noted canola still remains within a narrow trading range of about C$3 to C$5 per tonne. He added that’s despite larger swings of C$10 to C$15 in product values.
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“It seems to be the spreaders who are causing that. It’s also the fact that commercial traders don’t want to push this thing. It’s chopping back and forth,” the trader said.
Canola continues to remain attractively priced and there’s a reasonable demand for it. While exports have slowed a little, the crush has remained quite strong, he said.
The Canadian dollar was higher so far today at 75.31 U.S. cents, compared to yesterday’s close of 75.17.
Approximately 8,800 canola contracts were traded as of 10:24 CST.
Prices in Canadian dollars per metric tonne at 10:24 CST:
Price Change
Canola Jan 463.80 dn 2.70
Mar 472.70 dn 2.70
May 480.50 dn 2.40
Jul 487.40 dn 2.10
