By Glen Hallick, MarketsFarm
WINNIPEG, Dec. 30 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were lower at midday Thursday, taking a hit from weakness in the Chicago soy complex.
There were also moderate losses in European rapeseed and a small step back in Malaysian palm oil. Global crude oil prices were steady to higher, providing some support to edible oil values.
A trader said there was rain in some parts of southern Brazil, but not the entire region. That nevertheless has been the impetus for declines in oilseeds. Amounts were up to two inches, but for the most part the precipitation wasn’t “a drought buster,” according to the trader.
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He also noted there is some profit-taking, adding to the losses.
The Canadian dollar was slightly higher with the loonie at 78.19 U.S. cents, compared to Wednesday’s close of 78.10.
On a side note, the nearby January contract set a new all-time of C$1,100.70 per tonne during the overnight session. Since then it has turned sharply lower as trading in the January will soon wrap up.
Approximately 5,550 canola contracts were traded as of 10:27 CST.
Prices in Canadian dollars per metric tonne at 10:27 CST:
Price Change
Canola Jan 1,031.50 dn 55.90
Mar 1,017.00 dn 5.40
May 987.60 dn 6.00
Jul 944.00 dn 2.40
