By Marlo Glass, MarketsFarm
WINNIPEG, Sept. 21 (MarketsFarm) – ICE Futures canola contracts were lower at midday Friday, buckling under pressure from outside markets.
Global stock indices have fallen following reports of COVID-19 cases continue to swell in the United States and United Kingdom. One Winnipeg-based trader believed outside markets were keeping a damper on canola prices.
Chicago soyoil was weaker by about an eighth of a cent at midday, which also kept pressure on canola prices.
The Canadian dollar was slightly weaker at midday, preventing further losses for canola. The dollar was around 75.14 U.S. cents, due to comparable strength in the U.S. dollar index.
Approximately 14,000 canola contracts were traded as of 10:35 CDT.
Prices in Canadian dollars per metric tonne at 10:35 CDT:
Canola Nov 525.10 dn 6.10
Jan 532.80 dn 5.80
Mar 539.30 dn 5.70
May 542.30 dn 4.50