By Glen Hallick, MarketsFarm
WINNIPEG, March 3 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were higher at midday Wednesday in another show of independent strength, according to a Calgary-based analyst.
“The United States side is actually wobbling a bit, so canola is kind of going at it alone right now,” he said.
The analyst noted that canola exports have been excellent and are in “clean-up mode” at this time.
He added that vegetable oils have been quite volatile, making them very difficult to call at times.
“It can suddenly sprint $10 to $15 higher…it also makes the market vulnerable to those sudden drops as well,” the analyst commented.
The Canadian dollar, was a pinch higher at 79.29 U.S. cents after closing on Tuesday at 79.20.
Approximately 4,500 canola contracts were traded as of 10:35 CST.
Prices in Canadian dollars per metric tonne at 10:35 CST:
Canola May 757.00 up 3.90
Jul 721.10 up 5.50
Nov 606.20 up 5.00
Jan 607.30 up 3.20