By Glen Hallick
Glacier FarmMedia | MarketsFarm – Intercontinental Exchange canola futures were lower on Wednesday morning, as trading resumed following Remembrance Day.
Canola was feeling the pressure from declines in Chicago soybeans and soyoil, plus losses in Malaysian palm oil and MATIF rapeseed. Crude oil was to the downside as well, weighing on vegetable oil values.
Weaker canola exports this marketing year continued to hover over the market due to a lack of business to China. However, Canadian Agriculture Minister Heath MacDonald told Reuters that some progress is being made in trade talks with China.
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January Canola found some strength in holding above its 20- and 50-day moving averages.
Statistics Canada issued its September farm product prices report on Wednesday. Canola prices on the Prairies in September ranged from C$622 per tonne in Alberta to C$637 in Saskatchewan. A year ago, canola was C$595/tonne in Alberta and C$606 in Saskatchewan.
The Canadian dollar was virtually unchanged on Wednesday morning, with the loonie at 71.32 U.S. cents.
Approximately 12,550 contracts were traded by 8:41 CST and prices in Canadian dollars per metric tonne were:
Price Change
Canola Jan 637.90 dn 7.60
Mar 649.30 dn 7.50
May 659.50 dn 7.00
Jul 666.30 dn 7.00
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/
