By Glen Hallick, MarketsFarm
WINNIPEG, Feb. 17 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were higher at midday Wednesday, showing some independent strength, according to a Winnipeg-based trader.
He noted Malaysian palm oil hit new contract highs in the overnight trading, but there were declines in Chicago soyoil and European rapeseed.
The trader said cash canola prices were above the futures market.
“We’re hearing from a number of locations that guys are getting C$17.25 per bushel for spring delivered from the crushers,” he said.
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The United States Department of Agriculture outlook forum, which begins tomorrow, could have an effect on canola values, the trader said.
“That’s going to give new crop [U.S. soybeans, corn and wheat] some direction. Indirectly, canola will watch to see what the U.S. farmer is going to do and what the Canadian farmer is going to do,” he commented.
The Canadian dollar was lower at midday, which provided some support for canola. The loonie was at 78.57 U.S. cents compared to Tuesday’s close of 78.84.
Approximately 10,000 canola contracts were traded as of 10:38 CST.
Prices in Canadian dollars per metric tonne at 10:38 CST:
Price Change
Canola May 709.80 up 0.60
Jul 679.50 up 3.80
Nov 574.80 up 1.20
Jan 575.50 up 0.80
