By Marlo Glass, MarketsFarm
WINNIPEG, Oct. 18 (MarketsFarm) – The ICE Futures canola market was lower at midday Friday, following trends set earlier in the week.
Canola delivery to commercial positions hit record-highs during the week ended Oct. 13, with over 719,000 tonnes of canola delivered. That, along with stronger-than-expected harvest activity, has weighed on canola values.
The soy complex on the Chicago Board of Trade was higher Thursday, boosted rumours of China buying more soy products.
One trader said canola remained competitively priced against its counterparts.
The Canadian dollar was stronger at around 76.14 U.S. cents, further pressuring canola values.
About 16,000 canola contracts traded as of 10:45 CDT.
Prices in Canadian dollars per metric tonne at 10:45 CDT:
Canola Nov 454.80 dn 2.20
Jan 462.90 dn 2.50
Mar 472.30 dn 2.20
May 480.10 dn 2.10