ICE Canola Rises with Soy and Sluggish Farmer Selling

By Dave Sims, Commodity News Service Canada

WINNIPEG, May 19 – Canola contracts on the ICE Futures Canada platform were higher Friday morning, tracking gains in the US soy complex.

The technical bias has turned higher according to a trader.

Slow farmer selling and delays in canola planting were supportive for the market.

Farmers in Brazil are said to be holding back sales of soybeans right now, due to the slump in the country’s currency.

There are ideas yesterday’s losses were overdone.

However, there is some speculation more selling could occur as new crop canola contracts fell yesterday.

The Canadian dollar was stronger relative to its US counterpart, which made canola less enticing to international buyers.

Milling wheat, barley and durum were untraded.

Prices in Canadian dollars per metric ton at 8:58 CDT:

Commodity Future Prices

Canola
updated 2017-05-19 09:13
Price Change
Jul521.40.10
Nov499.91.40
Jan504.81.50
Mar509.42.00
Milling Wheat
updated 2017-05-19 00:00
Price Change
Jul237.002.00
Oct236.001.00
Dec238.001.00
Mar242.001.00
Durum
updated 2017-05-19 00:00
Price Change
Jul274.000.00
Oct267.000.00
Dec267.000.00
Mar267.000.00
New Barley
updated 2017-05-19 00:00
Price Change
Jul138.000.00
Oct140.000.00
Dec140.000.00
Mar140.000.00

Prices are in Canadian dollars per metric ton

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