ICE Canola Midday: Prices pushing higher
Canadian oilseed exhausted from downturn
By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures remained on the rise by late Monday morning. A trader commented the market is exhausted from last week’s downturn over tariff issues.
He also noted the speculative funds have eliminated their record long position in canola and that farmers weren’t prepared for the sharp drop in canola prices. While the Canadian oilseed tries to improve, the trader said it’s a little early to tell how long this upswing will continue.
While canola benefitted from gains in Chicago soyoil, soybeans were mixed, and soymeal slipped back. More pressure came from declines in European rapeseed and Malaysian palm oil. Slight increases in crude oil tried to bolster vegetable oil values.
The Canadian dollar was stronger by mid-session Monday with the loonie at 69.93 U.S. cents, compared to Friday’s close of 69.50.
Approximately 25,350 canola contracts were traded as of 10:33 am CDT, with prices in Canadian dollars per metric tonne:
Price Change Canola May 568.10 up 7.60 Jul 581.00 up 7.10 Nov 589.40 up 4.60 Jan 598.00 up 5.20
