By Glen Hallick, MarketsFarm
WINNIPEG, Sept. 28 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were lower at midday Monday, but regained some ground from larger losses earlier in the session.
“There’s a variety of stuff going on causing the markets to be pretty choppy,” a Winnipeg-based trader commented. That included uncertainty about Prairie canola yields, uncertainty about yields in the United States, extended dryness in Brazil, and China possibly slowing their U.S. purchases.
The trader also noted there were small gains in Chicago soyoil, but soymeal was weaker.
Elsewhere, European rapeseed was steady to lower while Malaysian palm oil closed higher.
The Canadian dollar was relatively steady, at 74.70 U.S. cents, compared to Friday’s close of 74.65.
Approximately 12,800 canola contracts were traded as of 10:35 CDT.
Prices in Canadian dollars per metric tonne at 10:35 CDT:
Canola Nov 515.20 dn 3.10
Jan 522.60 dn 3.20
Mar 529.10 dn 3.20
May 532.80 dn 3.00