ICE Canola Midday: Double-digit increases in turnaround
MacKinnon in last-ditch attempt to avoid rail work stoppage
By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures were stronger at midsession Wednesday; however a trader wasn’t entirely sure as to why. He said there could be a rebalancing, or the speculative funds are at work.
Nevertheless, canola was getting support from gains in the Chicago soy complex, European rapeseed and Malaysian palm oil. Crude oil gave up its modest increases, turning slightly lower, which put some pressure on the oilseeds.
The trader said the labour dispute at Canadian National and Canadian Pacific Kansas City could see canola prices go either way. He noted prices could fall for domestic reasons, or they could push up for the export market.
Federal Labour Minister Steven MacKinnon is meeting today with the railways and the Teamsters Rail Canada Conference in a last-ditch attempt to stave off a work stoppage at midnight.
Agriculture and Agri-Food Canada issued its August report on Tuesday, with 2024/25 canola ending stocks bumped up to 2.23 million tonnes from the 2.10 million in the July report.
The Canadian dollar was higher at late Wednesday morning, with the loonie rising to 73.57 U.S. cents compared to Tuesday’s close of 73.38.
Approximately 21,100 canola contracts were traded as of 10:40 am CDT, with prices in Canadian dollars per metric tonne:
Price Change Canola Nov 578.90 up 13.80 Jan 590.20 up 13.80 Mar 599.30 up 13.80 May 605.80 up 13.60
