By Marlo Glass, MarketsFarm
WINNIPEG, Oct. 28 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were considerably lower on Wednesday morning.
Nearby soyoil contracts were weaker in early morning trade, keeping pressure on canola values. The December soyoil contract was down by about eight tenths of a cent.
Losses in the Canadian dollar provided some support for canola, as it dropped to around 75.2 United States cents. The loonie was lower as global COVID-19 spikes have caused lockdowns in some regions, sparking concerns of long-term demand.
About 5,000 canola contracts had traded as of 8:40 CDT.
Prices in Canadian dollars per metric ton at 8:40 CDT:
Canola Nov 524.00 dn 13.50
Jan 529.60 dn 14.00
Mar 534.40 dn 14.00
May 537.00 dn 13.70