By Glen Hallick, MarketsFarm
WINNIPEG, Oct. 25 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were weaker Friday morning as the Chicago soy complex was trading lower.
Traders overestimated United States soybean exports for the week ended Oct. 17, which fell by more than 70 per cent from the previous week.
Temperatures in the western Prairies have started to get colder today, with the system moving eastward over the weekend, bringing rain and snow. Although Alberta is expected to warm up by mid-week, the eastern Prairies will likely have below normal temperatures.
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Pressure from the harvest and farmer selling has continued to weigh on values.
Statistics Canada released its monthly crushing of major oilseeds report and nearly 767,700 tonnes of canola was crushed during September. That’s a 7.5 per cent drop from August’s crush.
Traders rolling out of their November contracts continues to be a feature this week.
The Canadian dollar was slightly stronger this morning at 76.55 U.S. cents after closing Thursday at 76.48.
About 6,300 canola contracts had traded as of 8:52 CDT.
Prices in Canadian dollars per metric ton at 8:52 CDT:
Price Change
Canola Nov 453.70 dn 1.70
Jan 462.20 dn 1.60
Mar 472.50 dn 0.60
May 479.20 dn 2.10
