By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures were lower at midday Wednesday, as support from comparable oils was mixed.
While Chicago soyoil was slightly higher, there were losses in soybeans and soymeal. There were gains in European rapeseed, but Malaysian palm oil was lower. Global crude oil prices were easing back, which added to the pressure on vegetable oils.
“We are trading at levels we haven’t seen since 2022. I just don’t see a reason why anything can rally, unless there’s something really unforeseen,” an analyst commented, noting the spec funds presently “rule the roost” in the canola market.
He pointed to the sagging Canadian dollar as one bullish element, as “it’s lost about 200 points since the end of December.”
The loonie continued to slip back at mid-Wednesday morning with it at 73.95 U.S cents, compared to Tuesday’s close of 74.17.
Approximately 27,200 canola contracts were traded as of 10:51 CST, with prices in Canadian dollars per metric tonne:
Price Change Canola Mar 627.20 dn 2.60 May 633.80 dn 2.60 Jul 639.10 dn 2.50 Nov 638.40 dn 1.40
