By Glen Hallick, MarketsFarm
WINNIPEG, Sept. 20 (MarketsFarm) – ICE Futures canola contracts were weaker at midday Friday as expected gains in United States soybeans didn’t materialize, according to a Winnipeg-based trader.
Trade talks between U.S. and China deputy negotiators haven’t spurred the Chicago soy complex. That’s despite the bulk of the discussions today focused on agriculture.
Also, the slow pace of the Prairie canola harvest hasn’t provided support to soybeans. The trader said this year’s “weird harvest” is likely to continue.
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He commented there hasn’t been a lot of hedge pressure on canola for Friday, which is unusual.
Poor export numbers from the Canadian Grain Commission were an issue as well, the trader said.
“I think they were using wheel barrows to move the 32,000 tonnes of exports,” he quipped.
The Canadian dollar was down earlier today from news of lackluster retail sales, but now the loonie has been regaining its strength, he said. The dollar was at 75.37 U.S. cents, down a little from Thursday’s close of 75.42.
Approximately 8,900 canola contracts were traded as of 10:25 CDT.
Prices in Canadian dollars per metric tonne at 10:25 CDT:
Price Change
Canola Nov 448.90 dn 2.00
Jan 457.20 dn 2.40
Mar 465.50 dn 2.80
May 473.00 dn 3.00
