By Glen Hallick, MarketsFarm
WINNIPEG, April 14 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were stronger at midday on Wednesday with gains in the old crop months much higher than the new crop positions.
There was ample support coming from significant gains in the Chicago soy complex, as well as small to moderate increases in European rapeseed and Malaysian palm oil.
“Part of it is the amount of liquidity that’s pouring into these markets. It’s affecting everything,” commented a Calgary-based analyst.
However, the analyst cautioned there is very likely a good amount of choppiness in the markets in the days to come.
“As strong as we are up today, we can be down tomorrow,” he said.
While the precipitation received this week on parts of the Prairies has provided some moisture, the analyst said it’s not enough to curb the dry conditions across much of the region.
The Canadian dollar was higher with the loonie at 79.84 U.S. cents compared to Tuesday’s close of 79.66.
Approximately 12,550 canola contracts were traded as of 10:35 CDT.
Prices in Canadian dollars per metric tonne at 10:35 CDT:
Canola May 827.70 up 10.50
Jul 754.70 up 12.50
Nov 636.60 up 4.10
Jan 636.80 up 2.70
Futures Prices as of April 14, 2021
Prices are in Canadian dollars per metric ton