By Marlo Glass, MarketsFarm
WINNIPEG, Oct. 29 (MarketsFarm) – The ICE Futures canola market was steady to lower on Tuesday morning, pressured a strong Canadian dollar and a weaker tone from the soy complex on the Chicago Board of Trade.
The Canadian dollar has remained over 76 U.S. cents for the past two weeks, making Canadian exports marginally less attractive. The dollar was around 76.61 U.S. cents on Tuesday morning, which weighed on canola values.
Soybeans on the Chicago Board of Trade were lower due to harvest pressure. According to the most recent USDA crop progress report, 97 per cent of soybeans are dropping leaves, and 62 per cent of the crop has been harvested. That’s an increase of 16 percentage points from the previous week.
About 3,500 canola contracts had traded as of 8:35 CDT.
Prices in Canadian dollars per metric ton at 8:35 CDT:
Price Change
Canola Nov 452.30 dn 0.40
Jan 461.10 dn 0.20
Mar 470.30 dn 0.10
May 478.20 dn 0.30
