By Glen Hallick, MarketsFarm
WINNIPEG, July 12 (MarketsFarm) – Canola futures on the Intercontinental Exchange (ICE) were retreating at midday Tuesday, due to weakness in comparable oils.
Crude oil prices were retreating due to fears of a global recession, which pressured vegetable oils. The Chicago soy complex was down hard, while there were less severe declines in European rapeseed and the off session for Malaysian palm oil.
The United States Department of Agriculture (USDA) will release its monthly supply and demand estimates at 11 am CDT, but an analyst said the report is unlikely to have much effect on the commodities.
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“Macro selling pretty much outweighs anything the USDA could put out today,” the analyst commented, noting that ending stocks for soybeans and corn very likely won’t be bullish enough to have a strong effect.
The Canadian dollar was virtually unchanged with the loonie at 76.93 U.S. cents, compared to Monday’s close of 76.92.
Approximately 7,600 canola contracts were traded as of 10:20 CDT.
Prices in Canadian dollars per metric tonne at 10:20 CDT:
Price Change
Canola Nov 843.20 dn 23.50
Jan 851.10 dn 22.20
Mar 855.60 dn 24.30
May 861.50 dn 22.60
