By Marlo Glass, MarketsFarm
WINNIPEG, Sept. 26 (MarketsFarm) – The ICE Futures canola market was lower at midday Thursday, remaining weighed down by lower soybean values on the Chicago Board of Trade.
“[Canola] starts the morning off firm, and then fizzles as the day goes along, remarked one Winnipeg-based trader.
Currently, a stronger U.S. dollar is weighing on soybean values. A comparatively weaker Canadian dollar has provided some support to values. The dollar is currently around 75.36 U.S. cents.
The trader also said that without a rally, a lot of speculative buying is side-lined. That, combined with slow-but-steady harvest activity, further dragged prices.
“As the stuff slowly comes up the driveway, the need to chase after the market is reduced,” they explained.
About 8,300 canola contracts traded as of 10:45 CDT.
Prices in Canadian dollars per metric tonne at 10:45 CDT:
Price Change
Canola Nov 448.30 dn 0.60
Jan 457.10 dn 0.60
Mar 464.80 dn 1.10
May 471.70 dn 1.30
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