By Glen Hallick, MarketsFarm
WINNIPEG, Sept. 4 (MarketsFarm) – ICE Futures canola contracts were weaker at midday Wednesday, due to continuing general downward pressure on oilseeds, according to a Winnipeg-based trader.
Canola was down by approximately C$1, which he said was “nothing too special.”
The traded added there was also some harvest pressure, despite delays to the harvest, as well as a large old crop carryover.
He noted the Bank of Canada has kept interest rates steady, which has pushed the Canadian dollar upward. In turn, that has made canola less appealing. At midday, the loonie was at 75.35 U.S. cents, up from Tuesday’s close of 74.95.
Approximately 5,100 canola contracts were traded as of 10:23 CDT.
Prices in Canadian dollars per metric tonne at 10:23 CDT:
Price Change
Canola Nov 446.50 dn 1.00
Jan 454.80 dn 0.80
Mar 461.00 dn 1.60
May 467.50 dn 1.60
