ICE Canola Midday: Prices trade either side of unchanged
Soy complex now lower, weighing on values
By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures are mixed in choppy trading as earlier gains faded and the Chicago soy complex turned lower.
Support for canola was coming from sharp hikes in Malaysian palm along with more modest gains in European rapeseed. Increases in crude oil have scaled back from yesterday but continued to spill over into the vegetable oils.
An analyst said palm oil was on a “huge run” as supplies are reportedly tight and coming on the heels of the European Union announcement it will delay its new deforestation laws for a year.
Canola held near or above its major support levels, but short of its 200-day moving average.
The Canadian Grain Commission reported for the week ended Sept. 29 that canola exports of 86,700 dropped 62 per cent from the previous week. However, year-to-date exports of 1.76 million tonnes are three times those this time last year.
By late Friday morning, the Canadian dollar fell to 73.65 U.S. cents compared to Thursday’s close of 73.86.
Approximately 41,350 canola contracts were traded as of 10:27 am CDT, with prices in Canadian dollars per metric tonne:
Price Change Canola Nov 622.60 up 0.60 Jan 634.85 dn 1.50 Mar 645.50 dn 2.10 May 653.20 dn 1.80
