By Marlo Glass, MarketsFarm
WINNIPEG, Sept. 23 (MarketsFarm) – ICE Futures canola contracts were lower at midday Wednesday, continuing pricing trends from earlier in the week.
Weakness in comparable vegetable oils spurred losses for canola, as nearby soyoil contracts were down by nearly a penny in early morning trade, after losing about two thirds of a cent yesterday. Losses in Malaysian palm oil also contributed to the softer tone for canola.
Harvest activity across the Canadian Prairies also kept pressure on canola prices. In Manitoba, the canola harvest is about 78 per cent complete.
The Canadian dollar was slightly weaker at midday, preventing further losses for canola. The dollar was under 75 U.S. cents due to comparable strength in the U.S. dollar index.
Approximately 14,000 canola contracts were traded as of 10:40 CDT.
Prices in Canadian dollars per metric tonne at 10:40 CDT:
Canola Nov 516.90 dn 4.40
Jan 523.70 dn 5.00
Mar 530.40 dn 4.80
May 534.20 dn 4.60