Glacier FarmMedia — The ICE Futures canola market was weaker at midday Wednesday, falling to its lowest levels of the past two weeks.
Heightened concerns over losing out on some export sales to China amid increased Australian competition accounted for some of the weakness, said an analyst.
Losses in Chicago soybeans and soyoil also weighed on values, although a weaker tone in the Canadian dollar provided support. European rapeseed was also weaker on the day, while Malaysian palm oil held closer to unchanged.
Mixed Prairie growing conditions kept some weather premiums in the market, with dryness in some areas countered by relatively favourable weather elsewhere.
An estimated 34,200 canola contracts traded as of 10:32 CDT.
Prices in Canadian dollars per metric tonne at 10:32 CDT:
Canola Nov 687.50 dn 14.80
Jan 699.10 dn 13.40
Mar 707.40 dn 12.80
May 713.50 dn 13.10
