By Glen Hallick, MarketsFarm
WINNIPEG, May 26 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures lower at midday Wednesday, as there continued to be a flush of speculative selling following recent rains across the Prairies, according to a Winnipeg-based trader.
He added that the rain has also led to an increase in grower selling as they are now more confident in their planted crops.
The trader noted that crush margins have been hitting their highest levels ever, which he said that cannot continue to persist.
As well, the trader pointed out that canola is presently C$7 to C$8 per tonne cheaper than the soybean market.
The Canadian dollar was moving downward, with the loonie at 82.56 U.S. cents compared to Tuesday’s close of 82.94.
Approximately 13,150 canola contracts were traded as of 10:28 CDT.
Prices in Canadian dollars per metric tonne at 10:28 CDT:
Price Change
Canola Jul 871.20 dn 6.80
Nov 692.60 dn 4.70
Jan 688.90 dn 4.60
Mar 679.10 dn 4.10
