By Glen Hallick, MarketsFarm
WINNIPEG, March 21 (MarketsFarm) – ICE Futures canola contracts at midday Thursday are sitting and waiting to see what develops, according to a Winnipeg-based trader.
“They’re up a little, down a little with no signs of going very far either way,” he said, noting that an increase in soyoil helped somewhat this morning, but that has since dissipated.
Although the Canadian dollar fell under 75 United States cents Thursday morning, its effect was not immediately felt in canola bids. He said changes in the loonie generally take a little bit of time to spur any movement in prices.
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The trader added that it’s also too early in the spring for the changing conditions to have much effect at the moment.
Factors supportive of canola included the technical bias having remained to the upside and canola has continued to be competitive with vegetable oils, according to reports.
However, large old supplies of canola and ample supplies of palm and soy oils, plus ongoing tensions between Canada and China and stalled trade negotiations between the U.S. and China, have weighed on values.
About 5,150 canola contracts were traded as of 10:43 CDT.
Prices in Canadian dollars per metric tonne at 10:43 CDT:
Price Change
Canola May 465.40 up 0.70
Jul 473.50 up 1.00
Nov 486.20 up 1.30
Jan 492.00 up 1.40
