By Marlo Glass, MarketsFarm
WINNIPEG, Feb. 19 (MarketsFarm) – The ICE Futures canola market was weaker at midday Wednesday, giving back some gains incurred yesterday.
A lower tone for Malaysian palm oil in overnight trade sparked considerable selling activity on the canola market, which has put downward pressure on prices.
As the end of the month draws near, traders are also rolling March positions into May, which also kept a lid on canola values.
The Canadian dollar has been steady at around 75.58 U.S. cents, which provided little direction to canola values.
About 15,000 canola contracts traded as of 10:35 CST.
Prices in Canadian dollars per metric tonne at 10:35 CST:
Price Change
Canola Mar 459.60 dn 2.70
May 467.90 dn 3.20
Jul 474.50 dn 3.20
Nov 484.20 dn 2.30
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