By Glen Hallick, MarketsFarm
WINNIPEG, Aug. 31 (MarketsFarm) – Canola futures on the Intercontinental Exchange (ICE) were lower at midday Wednesday, continuing with losses that started during the overnight session. By the end of the regular session yesterday, canola prices shot up on rumours of buying by China.
“Which makes sense as we’re at the bottom of the trading range,” an analyst surmised.
Most of the trading now he said is, “macro guys rebalancing accounts before the September trade.” The analysts added he expects things to tread water until the next supply and demand report from the United States Department of Agriculture (USDA).
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Support for canola was coming from spikes in European rapeseed and modest increases in Chicago soyoil. Meanwhile, lower Chicago soybeans and soymeal, plus declines in Malaysian palm oil were pushing lower. Weaker global crude oil prices recovered somewhat from much larger losses but were still putting pressure on vegetable oils.
Statistics Canada reported that farm cash receipts for the first six months of this year tallied C$43.9 billion. That’s an increase of 14.6 per cent compared to the same time last year.
The Canadian dollar was relatively steady with the loonie at 76.44 U.S. cents, compared to Tuesday’s close of 76.48.
Approximately 12,950 canola contracts were traded as of 10:33 CDT.
Prices in Canadian dollars per metric tonne at 10:33 CDT:
Price Change
Canola Nov 834.00 dn 9.80
Jan 842.30 dn 9.50
Mar 848.50 dn 9.00
May 849.00 dn 8.90
