By Glen Hallick, MarketsFarm
WINNIPEG, Oct. 23 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were trading lower Wednesday morning, due to downward pressure from the Chicago soy complex.
Traders at the Chicago Board of Trade have been waiting for confirmation on a sale of 2 million tonnes of United States soybeans to China, said to have been made yesterday. Until then, the soy complex will push lower.
Farmer selling and the slowly progressing Prairie harvest have been weighing on canola values.
In Manitoba the overall harvest reached 77 per cent complete, but 10 points behind the average pace. Canola increased slightly from 80 to 82 per cent complete province-wide. Saskatchewan will issue its weekly crop report on Thursday, followed by Alberta on Friday.
About 6,600 canola contracts had traded as of 8:43 CDT.
Prices in Canadian dollars per metric ton at 8:43 CDT:
Price Change
Canola Nov 451.60 dn 2.00
Jan 460.00 dn 2.10
Mar 468.90 dn 2.50
May 476.30 dn 2.60
