By Glen Hallick, MarketsFarm
WINNIPEG, Sept. 17 (MarketsFarm) – ICE Futures canola contracts were weaker at midday Tuesday as the Prairie harvest has been picking up pace, said a Winnipeg-based trader.
He noted there has been an increased amount of “selling off of the combine” and farmers still have a great deal of canola in their bins.
From a buyer’s perspective, he said canola is quite attractively priced and the crush margins have jumped up.
After making significant gains on Monday, Chicago soyoil lost a little bit of ground by midday Tuesday. The trader said canola often takes some time to react to movement in soyoil.
He also pointed out that the product value of soyoil increased by up to US$29 over the last week, with canola up about half of that.
The Canadian dollar was down at 75.43 U.S. cents.
Approximately 13,300 canola contracts were traded as of 10:23 CDT.
Prices in Canadian dollars per metric tonne at 10:23 CDT:
Canola Nov 450.40 dn 2.30
Jan 458.90 dn 2.20
Mar 467.20 dn 2.00
May 473.40 dn 1.60