By Glen Hallick, MarketsFarm
WINNIPEG, Dec. 23 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were mixed at midday Wednesday, as traders are liquidating their soon to expire January contracts.
A Winnipeg-based trader noted that the January contract hit a new high of C$647.30 per tonne in the overnight session, but has since pulled back to the point that it’s under yesterday’s low.
“The cash market remains strong and that continues to be the underlying driver,” he said, citing C$14 per bushel can be found in several locations on the Prairies.
There was support coming from sharp gains in Chicago soyoil and Malaysian palm oil. European rapeseed was slightly higher.
At midday a rising Canadian dollar was weighing on values. The loonie reached 77.83 U.S. cents, compared to Tuesday’s close of 77.47.
Approximately 29,800 canola contracts were traded as of 10:42 CST.
Prices in Canadian dollars per metric tonne at 10:42 CST:
Price Change
Canola Jan 628.70 dn 10.00
Mar 625.30 dn 2.80
May 613.70 up 1.20
Jul 597.90 up 1.50
