ICE Canola Midday: Prices remain lower with edible oil declines

By Glen Hallick, MarketsFarm
WINNIPEG, Nov. 19 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were lower at midday Friday, due to weakness in comparable oils.
Chicago soyoil was down about two-thirds of a cent and the front months of European rapeseed had double-digit losses. Malaysian palm oil was lower as well. There were gains in Chicago soybeans and soymeal.
“It’s an odd day today. Earlier it looked like [canola] was on the verge of some liquidation pressure. Most markets went higher overnight and then turned lower when the United States dollar surged,” a trader explained, noting that crude oil prices have dropped back as well.

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He said the Canadian oilseed was pretty much in line with soyoil, but the new crop canola contracts are now too expensive and need to pull back a little.
The trader added the increase in the U.S. dollar could have a negative effect in some markets.
For the Canadian dollar, that stronger greenback has meant a pullback. The loonie slipped to 79.15 U.S. cents compared to Thursday’s close of 79.27.
Approximately 15,550 canola contracts were traded as of 10:42 CST.
Prices in Canadian dollars per metric tonne at 10:42 CST:
Price Change
Canola Jan 1,007.30 dn 6.80
Mar 985.00 dn 6.40
May 954.10 dn 5.90
Jul 916.80 dn 5.30