By Glen Hallick, MarketsFarm
WINNIPEG, March 19 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were mostly weaker at midday Friday, but off their lows from the overnight session and with gains for the nearby May contract.
A Winnipeg-based trader said canola was getting strength from the rebound in the Chicago soy complex. There was additional support coming from European rapeseed and Malaysian palm oil.
Also, he noted that old crop canola has run out of sellers.
Crush margins for new crop have spiked, with those for November up C$14 to C$15 per tonne, according to the trader.
Read Also
North American Grain and Oilseed Review: Canola clings to small upticks
By Glen Hallick, MarketsFarm Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures closed a pinch higher on Friday, after…
The Canadian Grain Commission issued its weekly grain movement report on Thursday, with producer deliveries of 428,600 tonnes for the week ended March 14. Canola exports were 304,500 tonnes and domestic usage was 199,100 tonnes.
“We’re still seeing good activity in the cash market,” the trader commented.
He said there was a rumour on Thursday regarding China having “washed out” a cargo of canola, but no one came forward to confirm it. Nevertheless, the rumour weighed on values.
The Canadian dollar was lower, with the loonie at 79.91 U.S. cents compared to Thursday’s close of 80.27.
Approximately 16,900 canola contracts were traded as of 10:41 CDT.
Prices in Canadian dollars per metric tonne at 10:41 CDT:
Price Change
Canola May 759.60 up 5.50
Jul 710.40 unchanged
Nov 610.30 dn 1.30
Jan 610.70 dn 2.70
