By Glen Hallick, MarketsFarm
WINNIPEG, Aug. 12 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were lower at midday Thursday, eroding pretty much the gains made yesterday.
There was weakness in the Chicago soy complex, along with losses in European rapeseed and Malaysian palm oil. Canola crush margins as well turned lower, adding more pressure on values.
The immediate forecast for the Prairies is for little precipitation with temperatures increasing by the weekend.
There’s positioning going ahead of the August supply and demand estimates to be released by the United States Department of Agriculture at 11 am CDT.
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A trader lamented the slowness that Statistics Canada has been issuing its own principal field crops reports, with the next one scheduled for Aug. 30. The trader stated the federal agency’s timeframe has become too late for the markets.
He said the trade will focus on the provincial crop reports. That said Saskatchewan is set to issue its report at 1 pm CDT.
The Canadian dollar was slightly lower at midday, which helped to temper losses in canola. The loonie was at 79.84 U.S. cents compared to Wednesday’s close of 79.96.
Approximately 5,250 canola contracts were traded as of 10:34 CDT.
Prices in Canadian dollars per metric tonne at 10:34 CDT:
Price Change
Canola Nov 876.50 dn 12.50
Jan 865.70 dn 11.90
Mar 850.50 dn 12.00
May 831.10 dn 12.40
