ICE canola mixed at midday Wednesday

By Phil Franz-Warkentin

Glacier FarmMedia | MarketsFarm — The ICE Futures canola market was steady to lower at midday Wednesday, with losses in the old crop July contract and a firmer tone in the new crop months.

Proposed changes to biofuel policies in the United States sparked Tuesday’s rally that saw canola futures climb to fresh highs. However, those proposals must still work their way through the government before gaining regulatory approval.

Chicago soyoil was slightly firmer at midday. Malaysian palm oil was also higher, while European rapeseed was weaker.

Tight supplies and the need to ration demand remained supportive for canola.

An estimated 37,900 canola contracts traded as of 10:40 CDT.

Prices in Canadian dollars per metric tonne at 10:40 CDT:

Canola            Jul   718.30    dn 11.00

Nov   690.30    up  0.50

Jan   696.40    up  0.20

Mar   701.80    dn  0.50