By Marlo Glass, MarketsFarm
WINNIPEG, Sept. 22 (MarketsFarm) – ICE Futures canola contracts were lower at midday Tuesday, continuing pricing trends from yesterday.
Weakness in comparable vegetable oils spurred losses for canola, as nearby soyoil contracts were down by about a third of a cent in early trade activity.
Harvest activity across the Canadian Prairies also kept pressure on canola prices.
The Canadian dollar was slightly weaker at midday, preventing further losses for canola. The dollar was around 75 U.S. cents, due to comparable strength in the U.S. dollar index.
Approximately 18,000 canola contracts were traded as of 10:40 CDT.
Prices in Canadian dollars per metric tonne at 10:40 CDT:
Price Change
Canola Nov 520.20 dn 6.30
Jan 527.50 dn 6.40
Mar 534.00 dn 6.60
May 537.60 dn 6.50