By Glen Hallick, MarketsFarm
WINNIPEG, Jan. 28 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola reached new contract highs on Thursday morning with the March contract having peaked at C$721 per tonne in overnight trading. This is the highest canola has been since 2008.
Canola continued to glean spillover from strong gains in the Chicago soy complex. Meanwhile, European rapeseed was mixed, with gains in the front months and small declines in the deferred months.
Commercial traders with short positions were said to be paying up to exit those canola contracts, which added strength.
Despite price increases, demand for canola has remained strong for exports and domestic use. The Canadian Grain Commission issues its next grain statistics weekly report later this afternoon.
The Canadian dollar slipped under 78 U.S. cents this morning. The loonie was at 77.96 compared to Wednesday’s close of 78.28.
About 4,400 canola contracts had traded as of 8:41 CST.
Prices in Canadian dollars per metric tonne at 8:41 CST:
Price Change
Canola Mar 719.60 up 1.80
May 682.30 up 4.10
Jul 654.20 up 3.70
Nov 558.00 up 1.10
