ICE Canola Midday: Oilseed’s futures swinging upward after finding traction
Trade looking towards next export report
By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures were climbing higher by late Wednesday morning, after getting some traction. Trading in the Canadian oilseed was choppy earlier, with prices either side of unchanged.
A broker said canola will most likely remain sideways for now. He noted the Canadian Grain Commission will issue its next monthly export report in the coming days. The broker noted the market will look for how strong canola exports continue to be.
Canola was getting spillover support from increases in the Chicago soy complex, along with those in Malaysian palm oil and most European rapeseed contracts. Declines in crude oil were limiting the upticks in the vegetable oils.
The July canola contract continued to be well above its major moving averages, further underpinning values. The trade pegged resistance for July at C$690 per tonne.
The Canadian dollar was weaker by mid-session Wednesday with the loonie dropping to 72.07 U.S. cents compared to Tuesday’s close of 72.32.
A reminder that May options expire on Friday and their first notice day is April 30.
Approximately 25,350 canola contracts were traded as of 10:47 am CDT, with prices in Canadian dollars per metric tonne:
Price Change Canola May 675.30 up 2.50 Jul 682.30 up 2.80 Nov 652.20 up 1.70 Jan 657.30 up 1.00
