By Glen Hallick, MarketsFarm
WINNIPEG, July 30 (MarketsFarm) – ICE Futures canola contracts were weaker at midday Tuesday, due in part to pressure from Chicago soyoil, said a Winnipeg-based trader.
As prices on the Chicago Board of Trade had been higher in the day and then dropped, canola didn’t react as strongly.
“Canola didn’t want to go up with the U.S. markets. Canola tends not to want to go down with them either, to some degree,” the trader commented.
Also, he noted soymeal has been soft, because of less demand from China, while soyoil has held up and been a strong influence on canola.
Read Also
North American Grain and Oilseed Review: Canola clings to small upticks
By Glen Hallick, MarketsFarm Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures closed a pinch higher on Friday, after…
There was a little bit of pressure from comments on Twitter from United States President Donald Trump regarding trade talks with China. Trump accused China of not following through on expected purchases of more U.S. agricultural goods.
Until the U.S. Department of Agriculture issues its revised data on corn, soybean and prevent plant acres on August 12, the markets are expected to remain in a consolidation pattern.
Approximately 5,600 canola contracts were traded as of 10:37 CDT.
Prices in Canadian dollars per metric tonne at 10:37 CDT:
Price Change
Canola Nov 448.10 dn 1.30
Jan 455.90 dn 1.20
Mar 463.00 dn 1.30
May 468.30 dn 1.50
