By Glen Hallick, MarketsFarm
WINNIPEG, Aug. 31 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were lower at midday Tuesday, as they continued to follow the Chicago soy complex to the downside.
There were also declines in European rapeseed, but slight gains in Malaysian palm oil.
A trader commented there has been a negative bias towards the Statistics Canada report that was released yesterday. The federal agency’s call of 14.7 million tonnes of canola this year was seen as bearish in being above trade expectations.
The Canadian dollar was lower and a little supportive of canola. The loonie was at 79.06 U.S. cents compared to Monday’s close of 79.35.
Manitoba is scheduled to issue its weekly crop report late this afternoon. The trader said canola was waiting for the cereal harvest to wrap up, but despite rain delays there progress would have been made over the last week.
Approximately 10,850 canola contracts were traded as of 10:26 CDT.
Prices in Canadian dollars per metric tonne at 10:26 CDT:
Price Change
Canola Nov 892.00 dn 9.60
Jan 875.00 dn 8.50
Mar 850.20 dn 9.00
May 823.80 dn 7.30
