By Glen Hallick, MarketsFarm
WINNIPEG, July 31 (MarketsFarm) – ICE Futures canola contracts were lower at midday Wednesday, as bids remained range-bound said a Winnipeg-based trader.
“Three dollars isn’t really that much of a move on canola. It could drop another five and still be within range,” the trader said this morning when the November contract was down about C$3 per tonne.
Canola and other commodities will remain range-bound likely until the United States Department of Agriculture issues its revised data on corn, soybean and prevent planting acres on August 12.
The wrap-up of U.S./China trade talks didn’t produce a positive effect for the Chicago soy complex. Prices were falling at midday, especially for soyoil, which weighed on canola values.
Today marked the final day of the 2018/19 crop year for canola and other commodities. The switch from one crop year to another hasn’t affected the markets.
Approximately 5,000 canola contracts were traded as of 10:51 CDT.
Prices in Canadian dollars per metric tonne at 10:51 CDT:
Price Change
Canola Nov 445.20 dn 3.20
Jan 453.20 dn 3.30
Mar 460.00 dn 3.80
May 465.50 dn 3.70
