By Glen Hallick
Glacier FarmMedia | MarketsFarm – Canola futures on the Intercontinental Exchange continued lower at midday Wednesday, being dragged down further by declines in the Chicago soy complex, said a trader.
“We’re looking at the U.S. market more than anything else,” the trader said. “We had a nice little run yesterday. Canola has been one of those markets where the follow-thru is non-existent.”
The trader said it’s very likely that canola will test new contract lows after business returns to normal on Jan. 5.
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By Glen Hallick, MarketsFarm Glacier FarmMedia MarketsFarm – Intercontinental Exchange canola futures pulled back in sparse activity on Wednesday, getting…
Losses in soy pushed lower during today’s trading, with more pressure coming from a pull back in Malaysian palm oil. That was tempered by upticks in most MATIF rapeseed contracts. However, slight losses in crude oil weighed on the vegetable oils.
The Canadian dollar dipped at mid-session Wednesday, with the loonie at 72.90 U.S. cents, compared to Tuesday’s close of 73.03.
Approximately 9,000 canola contracts were traded as of 10:46 am CST, with prices in Canadian dollars per metric tonne:
Canola Jan 592.90 dn 1.70
Mar 604.80 dn 4.00
May 615.40 dn 3.90
Jul 623.20 dn 4.00
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/.
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