Your Reading List

ICE Canola Midday: Profit-taking pulling down prices, but rebound ahead

Canola remains 'ridiculously cheap' says trader

By Glen Hallick, MarketsFarm

WINNIPEG, Jan. 20 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were weaker at midday Wednesday due to continued profit-taking, according to a Winnipeg-based trader.

“It’s starting to rebound, led by soyoil,” commented the trader, noting that canola was being held down by the spreaders.

At midday, the March contract for Chicago soyoil was up approximately seven-tenths of a United States cent per pound. The trader said there were some expectations for canola to rebound by the end of the day.

“The commercials will come in and buy canola,” he said.

The trader stressed that canola remains “ridiculously cheap” and needs gain strength. However, he said prices might not move above contracts highs until the spring.

The Canadian dollar was stronger at 79.13 U.S. cents after closing Tuesday at 78.52.

Approximately 38,500 canola contracts were traded as of 10:44 CST.

Prices in Canadian dollars per metric tonne at 10:44 CST:

Price Change
Canola Mar 649.80 dn 14.40
May 635.80 dn 10.80
Jul 620.40 dn 10.20
Nov 537.20 dn 4.40

About the author

Glacier FarmMedia Feed

GFM Network News

Glacier FarmMedia, a division of Glacier Media, is Canada's largest publisher of agricultural news in print and online.

GFM Network News's recent articles

Futures Prices as of January 20, 2021

Canola
Price Change
Milling Wheat
1970-01-01 00:00
Price Change
Durum
1970-01-01 00:00
Price Change
New Barley
1970-01-01 00:00
Price Change

Prices are in Canadian dollars per metric ton

Comments

explore

Stories from our other publications