By Glen Hallick, MarketsFarm
WINNIPEG, Nov. 18 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were mixed at midday Thursday, with gains in the most heavily traded front months.
A trader noted commercials and specs were actively rolling out of the January contract yesterday, and that movement has slowed significantly today.
There was support for canola from increases in Malaysian palm oil and the front months in European rapeseed. Pressure came from losses in rapeseed’s more deferred positions as well as declines in Chicago soybeans. Chicago soymeal and soyoil, while still on the plus side, were giving up earlier gains.
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Tight supplies, price rationing, and uncertainty over this year’s harvest provided additional support to canola values.
The severed ground links in and out of Vancouver has put some caution into the market. It’s concerned about when the rail lines will be put back into service and if exports could be diverted to other ports. The trader said with canola exports down this year, the impact hasn’t been quite as severe as it would be in other years.
In keeping with the week’s trend, the Canadian dollar stepped further back with the loonie at 79.16 U.S. cents compared to Wednesday’s close of 79.40.
Approximately 11,450 canola contracts were traded as of 10:42 CST.
Prices in Canadian dollars per metric tonne at 10:42 CST:
Price Change
Canola Jan 1,010.30 up 6.60
Mar 989.90 up 5.20
May 957.60 up 1.80
Jul 917.60 dn 3.10
