By Glen Hallick, MarketsFarm
WINNIPEG, April 29 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were mostly lower midday in choppy trading on Thursday, due to declines in the Chicago soy complex. Only the old crop July contract was higher.
A trader noted there has been a lot of spreading going on between the canola and soybean markets.
“They’re selling soybeans and buying canola,” he said.
Concerns about tight old crop supplies and dryness across the Prairies remained factors in canola values. There are questions as well regarding supplies for the coming crop year.
“Traders will now start assessing how spring seeding goes and how the crops get going,” the trader commented.
A stronger Canadian dollar weighed on canola values. The loonie was at 81.37 U.S. cents, compared to Wednesday’s close of 80.93.
Approximately 9,750 canola contracts were traded as of 10:36 CDT.
Prices in Canadian dollars per metric tonne at 10:36 CDT:
Price Change
Canola May 874.80 dn 20.20
Jul 835.50 up 2.10
Nov 683.10 dn 4.10
Jan 681.00 dn 4.40
