By Glen Hallick, MarketsFarm
WINNIPEG, Aug. 30 (MarketsFarm) – Canola futures on the Intercontinental Exchange (ICE) continued to decline at midday Tuesday, along with losses in the Chicago soy complex.
A trader explained yesterday’s Statistics Canada report indicated a good harvest to come and the Pro Farmer Crop Tour pointed to good soybean production in the United States. Together they put pressure on oilseeds.
Also, double-digit losses in European rapeseed and a more moderate downturn in Malaysian palm oil weighed on values. Sharp declines in global prices added to the weakness in vegetable oils.
However, the trader noted that canola and soyoil remain range bound and said the latter might be too high when compared to palm oil.
The Canadian dollar was lower as the loonie dropped to 76.40 U.S. cents, compared to Monday’s close of 76.87.
Approximately 13,900 canola contracts were traded as of 10:25 CDT.
Prices in Canadian dollars per metric tonne at 10:25 CDT:
Price Change
Canola Nov 828.50 dn 10.00
Jan 835.80 dn 10.00
Mar 840.30 dn 11.20
May 841.00 dn 12.00
