By Glen Hallick, MarketsFarm
WINNIPEG, Feb. 10 (MarketsFarm) – ICE Futures canola contracts were largely steady at midday Monday, after recovering from losses earlier in the session.
“We fought our way back to the plus side. We were down pretty good in the early trade,” commented a Winnipeg-based trader, adding that support has been coming from gains in Chicago soymeal. Soyoil, on the other hand, has been struggling today.
The trader said a close eye should be kept on the blockade situation in Vancouver.
“If they continue, that’s going to start to wreak havoc on…the exports off of the West Coast,” he said.
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The trader noted the funds and specs “were a little bit short on canola” and “these guys will have to pay up to get some coverage.”
So far today the Canadian dollar was marginally lower at 75.07 U.S. cents compared to Friday’s close of 76.16 U.S. cents.
Approximately 17,300 canola contracts were traded as of 10:35 CST.
Prices in Canadian dollars per metric tonne at 10:35 CST:
Price Change
Canola Mar 461.10 dn 0.20
May 470.70 up 0.10
Jul 477.60 up 0.10
Nov 484.60 up 0.70
