By Glen Hallick, MarketsFarm
WINNIPEG, Sept. 1 (MarketsFarm) – Canola futures on the Intercontinental Exchange (ICE) continued to fall back sharply at midday Thursday. An analyst commented the sell-off that began yesterday is carrying on today.
Additional pressure on canola was coming from sharp declines in the Chicago soy complex, although soymeal was a little bit higher. Losses in European rapeseed and Malaysian palm oil also weighed on values.
The analyst noted another round of shutdowns in China due to COVID-19 were reducing the country’s demand for vegetable oils. Weakness in global crude oil price further contributed to the retreat in the veg oil complex.
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While temperatures on the Prairies were forecast to cool over the next couple of days, they are to spike upwards into the low 30 degrees Celsius across most of the region during the long weekend.
That said, the markets will be closed in Canada and the United States on Sept. 5 for Labour Day. Also, today marked the beginning of the new marketing year for corn and soybeans.
As the U.S. dollar surged above its 52-week high, the Canadian dollar fell back. The loonie dropped to 75.94 U.S. cents, compared to Wednesday’s close of 76.27.
Approximately 13,700 canola contracts were traded as of 10:21 CDT.
Prices in Canadian dollars per metric tonne at 10:21 CDT:
Price Change
Canola Nov 814.00 dn 21.40
Jan 821.70 dn 22.50
Mar 828.20 dn 23.20
May 830.50 dn 22.70
