By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures were pulling back at midsession Thursday, due to declines in the Chicago soy complex and European rapeseed.
“People are bearish,” an analyst noted, especially in the European market.
On the positive side, Malaysian palm oil was higher and there were modest upticks in crude oil.
As expected, the lockouts at Canadian National Railway and Canadian Pacific Kansas City has brought most rail movement in the country to a standstill, with more than 9,300 members of Teamsters Canada Rail Conference off the job. Agricultural groups, along with many businesses continued to sound the alarm of the damage the first labour dispute at both railways at same time could do to the Canadian economy, with some estimates pegging it at C$1 billion per day.
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A trader said the direction canola prices could take during the work stoppage will be determined by either pressure from domestic buyers or heightened demand from export customers.
The Canadian dollar dipped by late Thursday morning, with the loonie at 73.50 U.S. cents compared to Wednesday’s close of 73.57.
Approximately 22,250 canola contracts were traded as of 10:29 am CDT, with prices in Canadian dollars per metric tonne:
Price Change Canola Nov 570.90 dn 6.70 Jan 582.90 dn 6.50 Mar 591.80 dn 6.60 May 597.20 dn 7.90
