ICE Canola Midday: Most prices pushing up

WINNIPEG, Feb. 1 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were steady to higher at midday Monday in what has been a choppy and volatile market.

A Winnipeg-based trader said prices had been firm much earlier in the session, but weakened as the day progressed, only to turn higher.

“Soybeans are increasingly dealing with the fact of a record South American crop coming. That supply is going to take over the world market over the next couple of months,” the trader explained.

That will add pressure on to the Chicago soy complex and could spill over into canola. However, the trader cautioned that canola has its own aspects to deal with – namely low ending stocks.

Statistics Canada is scheduled to release its report on grain stocks as of Dec. 31 on Friday.

The Canadian dollar was lower at 77.93 U.S. cents after closing Friday at 78.25.

Approximately 10,200 canola contracts were traded as of 10:41 CST.

Prices in Canadian dollars per metric tonne at 10:41 CST:

Price Change
Canola Mar 693.40 up 1.80
May 669.00 unchanged
Jul 646.80 up 2.10
Nov 556.40 up 1.10

The Western Producer

Tags: canola, ICE