By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Sep. 19 – (MarketsFarm) –ICE Futures canola contracts were weaker at midday Monday taking some direction from outside markets in thin and choppy activity.
Chicago soyoil, European rapeseed and Malaysian palm oil futures were all posting losses, with some of that selling pressure spilling into canola.
Seasonal harvest pressure was another bearish influence, although scattered rains and the risk of frost in some areas will likely cause some delays over the next week.
The Canadian dollar was holding relatively steady at midday but has lost ground relative to its United States counterpart over the past few weeks – which remained somewhat supportive.
About 13,200 canola contracts traded as of 10:36 CDT.
Prices in Canadian dollars per metric tonne at 10:36 CDT:
Canola Nov 783.50 dn 9.00
Jan 792.00 dn 9.10
Mar 799.00 dn 9.30
May 803.40 dn 7.40
