By Glen Hallick, MarketsFarm
WINNIPEG, Aug. 24 (MarketsFarm) – Canola futures on the Intercontinental Exchange (ICE) were lower at midday Wednesday, due to some weakness in comparable oils.
Poor economic news in the United States were putting pressure on the Chicago soy complex, offsetting the unfavourable estimates from the Pro Farm Crop Tour. The off session of Malaysian palm oil was grinding lower, while European rapeseed was mostly to the downside.
After some initial declines, global crude oil prices were making small increases which lent support to vegetable oils.
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Ahead of the Statistics Canada principal crop report on Monday, a trader suggested the federal agency is likely to peg the country’s canola crop at around 20 million tonnes. However, with the one-month time lag between gathering the data and then issuing it, the trader estimated canola at likely being more around 18.5 million tonnes. He said yields have diminished during August.
The Canadian dollar was virtually unchanged with the loonie at 77.08 U.S. cents, compared to Tuesday’s close of 77.09.
Approximately 15,350 canola contracts were traded as of 10:19 CDT.
Prices in Canadian dollars per metric tonne at 10:19 CDT:
Price Change
Canola Nov 840.60 dn 9.80
Jan 848.40 dn 10.00
Mar 852.50 dn 10.40
May 852.20 dn 12.00
