By Glen Hallick, MarketsFarm
WINNIPEG, Feb. 4 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were mixed at midday Thursday with the old crop months steady to lower and in gains in the new crop months.
“If it wasn’t for the liquidation of the March contract, I would expect canola would be firmer, because the product values are strong,” a Winnipeg-based trader commented.
“The November [contract] is still strong because the crush margins are in fairytale land,” he added, noting the commercials are buying whatever they can get a hold of.
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Tomorrow’s report on grain stocks as of Dec. 31 from Statistics Canada is likely to show lower stocks of canola and wheat, according to the trader.
“There’s always a little bit more canola than what’s being shown,” he cautioned, adding that it remains to be seen as to what effect the report will have on the market.
The Canadian dollar was down about three-tenths of a cent at midday. The loonie was at 77.92 U.S. cents compared to Wednesday’s close of 78.23.
Approximately 14,200 canola contracts were traded as of 10:50 CST.
Prices in Canadian dollars per metric tonne at 10:50 CST:
Price Change
Canola Mar 691.50 dn 3.60
May 675.60 dn 0.80
Jul 651.90 unchanged
Nov 556.00 up 4.80
