By Phil Franz-Warkentin
Glacier FarmMedia MarketsFarm – The ICE Futures canola market was weaker at midday Wednesday, as bearish technical signals and spillover from outside markets weighed on values.
Chicago soyoil, European rapeseed and Malaysian palm oil futures were all lower, although firmness in soybeans limited the bearish influence to some extent.
Relatively favourable Prairie crop conditions for the new crop and large old crop stocks still being held by farmers also weighed on values.
The Canadian dollar was weaker relative to its United States counterpart midday, as currency traders reacted to the Bank of Canada’s decision to cut interest rates.
An estimated 42,300 canola contracts traded as of 10:54 CDT.
Prices in Canadian dollars per metric tonne at 10:54 CDT:
Canola Jul 620.50 dn 7.50
Nov 644.90 dn 6.30
Jan 651.80 dn 5.50
Mar 656.50 dn 5.20
