By Glen Hallick, MarketsFarm
WINNIPEG, Jan. 19 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were mostly lower at midday Tuesday due to profit-taking, according to a Winnipeg-based trader.
He explained the profit-taking was spurred on by the rains in South America over the weekend that were better than expected. In turn, that meant the soybean crops in Argentina and Brazil would improve, putting pressure on the Chicago soy complex.
At one point in today’s session, soyoil was down by about eight-tenths of a cent, from which it has mostly recovered. With soyoil coming off its lows, that helped to do the same for canola.
The dollar was higher at 78.50 U.S. cents after closing Monday at 78.36.
Approximately 14,800 canola contracts were traded as of 10:35 CST.
Prices in Canadian dollars per metric tonne at 10:35 CST:
Canola Mar 678.70 dn 5.30
May 659.70 dn 6.30
Jul 642.80 dn 6.70
Nov 549.90 dn 1.30