By Glen Hallick, MarketsFarm
WINNIPEG, Oct. 29 (MarketsFarm) – ICE Futures canola contracts were weaker at midday Tuesday with speculators pushing down prices, according to a Winnipeg-based trader.
The trader said the commercial buyers have been, “quite happy to see the speculators push it down.”
However, “as long as bean oil stays up, canola won’t go down too much,” he added, noting that losses were coming despite the firm tone in soyoil.
The Prairie harvest has continued to be a tough slog with light snow falling on Manitoba and Saskatchewan today, stated another analyst. More snow, mixed with rain, has been forecast for later in the week across the Prairies. Daytime highs are a little below freezing and will rise a little above freezing later in the week.
Approximately 11,300 canola contracts were traded as of 10:25 CDT.
Prices in Canadian dollars per metric tonne at 10:25 CDT:
Price Change
Canola Nov 450.40 dn 2.00
Jan 459.50 dn 1.70
Mar 468.70 dn 1.70
May 476.60 dn 1.90
