By Glen Hallick, MarketsFarm
WINNIPEG, May 27 (MarketsFarm) – ICE Futures canola contracts were higher at midday Wednesday benefitting from gains in Chicago soyoil.
Also, a Winnipeg-based trader commented that the old crop/new crop spread, “has been pushed back out to more normal.”
The Canadian dollar was relatively steady at 72.51 U.S. cents compared to Tuesday’s close of 72.44.
The trader noted that the 93-point jump in the loonie yesterday likely prevented canola from gaining another C$4 to C$7 per tonne.
The ruling on the extradition of Huawei executive Meng Wanzhou by a British Columbia judge this afternoon could impact canola before the markets close.
“We’re going to make somebody upset, either the United States or China,” he added.
While canola exports to China this year have been a fraction of what they had been, he said crushers have increased their oil exports to China.
Approximately 10,200 canola contracts were traded as of 11:03 CDT.
Prices in Canadian dollars per metric tonne at 11:03 CDT:
Price Change
Canola Jul 466.50 up 1.70
Nov 475.00 up 3.10
Jan 481.90 up 3.50
Mar 487.70 up 3.40
