By Glen Hallick, MarketsFarm
WINNIPEG, Sept. 30 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were either side of steady at midday Wednesday, due to movements in Chicago soyoil.
“Soyoil was down hard yesterday and started hard down again today, and it came back. When soyoil comes back the crushers put on more crush and they buy canola and sell the products,” a Winnipeg-based analyst explained.
He noted that crushers cannot buy as much from canola producers as the latter are thought to have sold enough to be cash adequate.
At the present time, soyoil was down about two-tenths of cent, along with losses in Malaysian palm oil. There were gains in European rapeseed.
Manitoba Agriculture reported yesterday that province’s overall harvest reached 80 per cent complete, which was seven points up on the three-year average. The canola harvest hit 85 per cent complete with good quality and average yields.
The Canadian dollar was higher as the United States Dollar Index slid under 94.0 points, which weakened the greenback compared to other major currencies. The loonie was at 75.06 U.S. cents, compared to Tuesday’s close of 74.68.
Approximately 10,100 canola contracts were traded as of 10:41 CDT.
Prices in Canadian dollars per metric tonne at 10:41 CDT:
Canola Nov 512.30 up 0.30
Jan 519.60 up 0.30
Mar 526.30 up 0.20
May 530.60 unchanged