By Marlo Glass, MarketsFarm
WINNIPEG, Nov. 24 (MarketsFarm) – ICE Futures canola contracts were weaker at midday Tuesday, due to profit-taking ahead of the United States Thanksgiving long weekend.
“The U.S. Thanksgiving is notorious for some profit-taking leaking into the market,” remarked one Winnipeg-based trader, noting that canola values were due for a pullback.
Chicago soyoil contracts were lower in early trade, which kept pressure on canola prices. Nearby contracts were down by about half a cent in early activity.
Strength in the Canadian dollar was another limiting factor for canola. The dollar was around 76.8 United States cents.
Approximately 16,000 canola contracts were traded as of 10:45 CST.
Prices in Canadian dollars per metric tonne at 10:45 CST:
Canola Jan 577.60 dn 6.60
Mar 574.40 dn 5.60
May 572.20 dn 4.60
Jul 564.90 dn 5.80