ICE canola correcting higher

By Phil Franz-Warkentin, Commodity News Service Canada

WINNIPEG, Jan. 5 – ICE Canada canola contracts were higher Tuesday morning, seeing a modest correction after Monday’s declines.

The most active March contract touched psychological support at C$480 per tonne during Monday’s session, but managed to settle above that point; which helped bring in some more speculative buying interest on Tuesday.

Solid exporter and domestic crusher demand remained supportive as well, according to participants, with the continued weakness in the Canadian dollar helping keep crush margins underpinned.

Gains in CBOT soybeans provided some spillover support as well, although soyoil was down in Chicago.

Reports of improving crop conditions in parts of South America, together with expectations for large soybean exports out of the region this year, also tempered the upside potential.

About 5,400 canola contracts had traded as of 8:44 CST.

Milling wheat, durum, and barley futures were all untraded.

Futures Prices as of January 5, 2016

Canola
Price Change
Milling Wheat
2019-08-18 06:36
Price Change
March 230.00
May 234.00
Durum
2019-08-18 06:36
Price Change
March 316.00
May 324.00
New Barley
2019-08-18 06:36
Price Change
March 184.00
May 190.00

Prices are in Canadian dollars per metric ton

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