By Glen Hallick, MarketsFarm

WINNIPEG, March 25 (MarketsFarm) – ICE Futures canola contracts were steady to lower on Wednesday in looking for direction.

“There’s more movement than yesterday,” a Winnipeg-based trader quipped, noting that May canola seems to have a lid on it when it gets close to C$470 per tonne.

“It just doesn’t want to go through that,” the trader added.

And it likely won’t anytime soon as Chicago soyoil and soymeal are on the downside.

However, support from European rapeseed and Malaysian palm oil tempered further declines in canola.

So far today, the loonie was higher at 69.71 U.S. cents, compared to Tuesday’s close of 69.01.

Approximately 12,400 canola contracts were traded as of 10:50 CDT.

Prices in Canadian dollars per metric tonne at 10:50 CDT:

Price Change
Canola May 467.00 dn 0.50
Jul 475.80 dn 0.20
Nov 483.00 dn 0.40
Jan 489.80 dn 0.10