By Glen Hallick, MarketsFarm
WINNIPEG, Oct. 28 (MarketsFarm) – ICE Futures canola contracts were weaker at midday Monday as the market wants to grind lower for the moment, according to a Winnipeg-based trader.
Lower Chicago soyoil bids and a steady Canadian dollar, at 76.56 U.S. cents, weighed on values, he noted.
Also, the trader pointed to the approximately 1.3 million tonnes of canola has come into the commercial pipeline over the last two weeks.
“That usually means if you need to own it, you’re not really chasing the futures, you’re likely on the cash market whether you’re an exporter or whether you’re a crusher,” he stated.
About 80 per cent of canola on the Prairies has been harvested, according to the weekly provincial crop reports. There has been speculation that part of the remaining 20 per cent could be left on the fields and harvested in the spring, according to another analyst.
Approximately 14,000 canola contracts were traded as of 10:23 CDT.
Prices in Canadian dollars per metric tonne at 10:23 CDT:
Price Change
Canola Nov 452.50 dn 2.50
Jan 460.90 dn 2.50
Mar 470.00 dn 2.50
May 477.70 dn 2.70
