By Marlo Glass, MarketsFarm
WINNIPEG, July 22 (MarketsFarm) – ICE Futures canola contracts were mixed on Wednesday, due to pressure from outside markets and a strong Canadian dollar.
One Winnipeg-based trader said canola prices were holding up relatively well to the considerable jump in the Canadian dollar. The dollar was over 74 United States cents for the second consecutive day.
Chicago soyoil was slightly lower at midday, which also kept pressure on canola prices. The trader speculated traders are selling soyoil and buying canola.
Canola crop conditions indicate good yields, as the crop rating is about 74 per cent good to excellent across the Canadian Prairies.
Approximately 13,000 canola contracts were traded as of 10:45 CDT.
Prices in Canadian dollars per metric tonne at 10:45 CDT:
Price Change
Canola Nov 484.30 dn 0.40
Jan 491.90 dn 0.20
Mar 496.60 up 0.10
May 499.00 dn 0.10
