ICE Canola Midday: Gains may not last too much longer

Source: Canadian Cattlemen

By Glen Hallick, MarketsFarm

WINNIPEG, March 29 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were mostly higher at midday Monday, although the increases might not continue, according to a Winnipeg-based trader.

While Chicago soyoil was higher, the trader believes, “it may have run its course,” which would impede canola’s ability to make further gains.

Adding to that, are the spec funds liquidating a lot of their May contracts, he said.

The rest of the Chicago soy complex had declines in soybeans and soymeal. However, there were increases in European rapeseed and Malaysian palm oil.

The Canadian dollar was weaker, with the loonie at 79.24 U.S. cents compared to Friday’s close of 79.49.

Approximately 11,650 canola contracts were traded as of 10:30 CDT.

Prices in Canadian dollars per metric tonne at 10:30 CDT:

Price Change
Canola May 746.50 dn 5.00
Jul 709.60 up 3.10
Nov 605.40 up 1.60
Jan 608.50 up 1.30