By Glen Hallick, MarketsFarm
WINNIPEG, May 28 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were lower at midday Friday in what has been a choppy session so far. Prices for old and new crop have fluctuated on both sides of unchanged.
A Winnipeg-based trader chalked up today’s back and forth movements to a lack of selling pressure, noting Thursday’s sharp jump in canola prices took away the technical selling. He also noted there has been little in the way of farmer selling.
A lack of rain across much the Prairies was underpinning values, along with some overnight frosts that included parts of the United States North Plains.
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The trader said crush margins have been “unbelievably profitable” over the last couple of days.
There was also positioning ahead of the Memorial Day long weekend in the U.S.
“When canola is flying solo, there’s not a heck of a lot going on,” the trader commented.
The Canadian Grain Commission reported that canola exports and domestic usage were down for the week ended May 23, while producer deliveries were a bit higher.
The Canadian dollar was down slightly with the loonie at 82.73 U.S. cents compared to Thursday’s close of 82.83.
Approximately 7,000 canola contracts were traded as of 10:43 CDT.
Prices in Canadian dollars per metric tonne at 10:43 CDT:
Price Change
Canola Jul 885.80 dn 0.90
Nov 715.40 dn 1.20
Jan 714.00 dn 1.40
Mar 705.20 dn 1.10
