By Glen Hallick, MarketsFarm
WINNIPEG, Aug. 25 (MarketsFarm) – Canola futures on the Intercontinental Exchange (ICE) were falling back at midday Thursday, due to pressure from declines in most comparable oils.
Only Chicago soyoil was pushing higher, which helped to temper losses in canola. Declines in Chicago soybeans and soymeal, as well as European rapeseed and the off session of Malaysian palm oil weighed on values. Small losses in global crude oil prices put more pressure on vegetable oils.
Good weather continued to prevail across most of the Prairies, which will help to advance the harvests in each of the three provinces.
An analyst noted this is likely the last week of “nothing trade” as the end of the summer holiday season winds down. He said trading should return to normal levels next week.
The Canadian dollar was higher with the loonie rising to 77.27 U.S. cents, compared to Wednesday’s close of 77.02.
Approximately 14,500 canola contracts were traded as of 10:28 CDT.
Prices in Canadian dollars per metric tonne at 10:28 CDT:
Price Change
Canola Nov 830.90 dn 12.70
Jan 839.90 dn 12.40
Mar 846.40 dn 11.60
May 849.90 dn 10.10
