By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures were lower at mid-session Wednesday, giving up most of the gains made yesterday.
While losses in Chicago soybeans and soymeal put pressure on canola, soyoil was virtually unchanged which provided little direction to the Canadian oilseed. Malaysian palm oil was lower and European rapeseed climbed higher. Global crude oil prices pulled back, which weighed on vegetable oil values.
An analyst noted the farmers were now selling some of their canola, albeit reluctantly due to weakening prices. He said the spec traders were also on the sell side and the commercials doing some limited buying.
By late-Wednesday morning the Canadian dollar rose to 74.75 U.S. cents compared to Tuesday’s close of 74.53.
Approximately 33,250 canola contracts were traded as of 10:29 CST, with prices in Canadian dollars per metric tonne:
Price Change Canola Mar 606.70 dn 6.80 May 613.80 dn 5.90 Jul 618.40 dn 5.40 Nov 619.80 dn 3.70
