By Glen Hallick, MarketsFarm
WINNIPEG, Oct. 31 (MarketsFarm) – ICE Futures canola contracts were trading lower at midday Thursday, due to the combined effects of a weaker Chicago soy complex and the continuing Prairie harvest, according to a Winnipeg-based trader.
He said there was “weakness in Chicago technical selling” and in soyoil. Of which the latter dropped by almost a third of a cent.
The strong Canadian dollar continued to weigh on values as it remained slightly above 76 U.S. cents, the trader noted.
The canola harvest made a little more progress over the last week, with Manitoba reporting in its weekly crop report that 90 per cent of its canola has been harvested. Saskatchewan issues its weekly crop report on Thursday, followed by Alberta’s on Friday.
Approximately 15,200 canola contracts were traded as of 10:30 CDT.
Prices in Canadian dollars per metric tonne at 10:30 CDT:
Price Change
Canola Nov 446.60 dn 3.30
Jan 455.20 dn 4.40
Mar 464.40 dn 4.60
May 473.00 dn 4.50
