ICE Canola Midday: Prices tumble with comparable oils

By Glen Hallick, MarketsFarm
WINNIPEG, Aug. 19 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were weaker at midday Thursday, taking a hit as outside markets are on the decline said a Winnipeg-based trader.
The Chicago soy complex was significantly lower, along with European rapeseed taking a sizeable step back and more moderate losses in Malaysian palm oil.
The Prairie weather forecast has called for cooler temperatures with rain. The greatest amounts are to fall over the eastern half of the region.
Declines in canola were being tempered by the uncertainty surrounding this year’s crop and the ever tightening supply situation.
A weaker Canadian dollar was adding its support to canola, with the loonie at 78.12 U.S. cents compared to Wednesday’s close of 79.18.
Approximately 11,150 canola contracts were traded as of 10:17 CDT.
Prices in Canadian dollars per metric tonne at 10:17 CDT:
Price Change
Canola Nov 891.30 dn 13.50
Jan 876.40 dn 14.10
Mar 858.10 dn 13.80
May 833.90 dn 16.20

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