By Glen Hallick, MarketsFarm
WINNIPEG, Nov. 17 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were mostly higher at midday Wednesday, with the exception being the January contract which was seeing a bit of a sell-off, according to a trader.
He said some of January’s decline could be attributed to the cut rail links to Vancouver. However, he said it’s most likely traders beginning to roll out of the contract.
Support for canola was coming from strong upticks in the Chicago soy complex, as the wheat and corn markets also swing higher.
Read Also
North American grain/oilseed review: Canola drops to end week
Glacier FarmMedia — The ICE Futures canola market was weaker on Friday, taking back Thursday’s gains as losses in Chicago…
“We got money popping out of the woodwork again, buying everything across the board in the U.S.,” the trader stated, noting there’s no apparent reason fundamentally for the buying.
“This is money that thinks they can just buy anything in the ag business and make money,” he added.
There’s additional support coming from gains in Malaysian palm oil. Meanwhile, European rapeseed was narrowly mixed.
A stronger U.S. dollar was forcing the Canadian dollar lower, with the loonie at 79.37 U.S. cents compared to Tuesday’s close of 79.68.
Approximately 34,450 canola contracts were traded as of 10:44 CST.
Prices in Canadian dollars per metric tonne at 10:44 CST:
Price Change
Canola Jan 1,006.00 dn 9.80
Mar 989.60 up 3.20
May 959.00 up 6.50
Jul 919.20 up 9.10
