ICE canola stronger at midday

By Jade Markus, Commodity News Service Canada

WINNIPEG, April 19 – ICE Canada canola contracts were stronger at midday on Wednesday.

Weakness in the Canadian dollar lent itself to the upside.

The commodity-linked loonie lost ground against its US counterpart on Wednesday, pressured by declines in the crude oil market.

That’s supportive for canola, as it makes the commodity more affordable for international buyers.

Advances in Chicago Board of Trade soybeans and soy oil also propped up canola.

Canadian weather added to canola’s upside, one Winnipeg-based trader said.

“Forecasts are not looking all that great for drying things out and getting into fields,” he said.

“Whether it be for wrapping up last year’s harvest or starting to work the land for seeding.”

About 11,662 contracts had traded as of 10:35 a.m. CDT.

Milling wheat, durum, and barley futures were all untraded, although there were bids and asks in barley.

Prices in Canadian dollars per metric tonne at 10:35 a.m. CDT:

Commodity Future Prices

Canola
updated 2017-04-19 10:41
Price Change
May514.32.10
Jul509.51.70
Nov488.62.90
Jan492.53.20

Prices are in Canadian dollars per metric ton

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