ICE Canola Midday: Prices getting support from soy complex

By Glen Hallick, MarketsFarm

WINNIPEG, March 3 (MarketsFarm) – ICE Futures canola contracts were stronger on Monday, getting support from the Chicago soy complex, according to a Winnipeg-based trader.

However, gains were tempered by weaker prices for European rapeseed and Malaysian palm oil.

The trade said there has been short covering on canola which has been supportive.

“There were certainly people thinking, ‘hey, we’re at decent levels here, I’m going to get some coverage, I’m going to do some buying,’” the trader said.

A lack of recent farmer selling has provided support for prices, according to the trader.

As for the tentative deal between the federal and the British Columbia governments with the Wet’suwet’en hereditary chiefs, the trader said it’s far too early to tell if the agreement will have any impact on canola prices.

So far today, the Canadian dollar was higher at 74.82 U.S. cents, compared to Friday’s close of 74.47.

Approximately 10,600 canola contracts were traded as of 10:33 CST.

Prices in Canadian dollars per metric tonne at 10:33 CST:

Price Change
Canola May 459.50 up 3.20
Jul 467.40 up 3.40
Nov 478.30 up 3.10
Jan 484.90 up 3.10

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