ICE Canada Morning Comment: Canola mixed with gains in old crop months

Source: Canadian Cattlemen

By Glen Hallick, MarketsFarm

WINNIPEG, March 24 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were mixed on Wednesday morning, with the old crop contracts seeing gains among the active months. There were declines in the more deferred positions.

Declines in Chicago soyoil, European rapeseed and Malaysian palm oil contributed to the losses. However, there was support coming from Chicago soybeans and soymeal.

Tightening old crop supplies remained an underpinning influence on canola prices.

The Canadian dollar continued back-peddling this morning, with the loonie at 79.40 U.S. cents, compared to Tuesday’s close of 79.61.

About 4,600 canola contracts had traded as of 8:38 CDT.

Prices in Canadian dollars per metric tonne at 8:38 CDT:

Price Change
Canola May 786.90 up 4.10
Jul 734.10 up 2.80
Nov 611.70 dn 3.50
Jan 614.50 dn 3.80