By Marlo Glass, MarketsFarm
WINNIPEG, Sept. 24 (MarketsFarm) – ICE Futures canola contracts were sharply lower at midday Thursday, walking back previous gains made last week.
Weakness in comparable vegetable oils spurred losses for canola, as nearby soyoil contracts were down by about half of penny in early morning trade after losing about two cents earlier in the week. Chicago soymeal was also lower after holding on to some gains earlier in the week.
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 74.6 U.S. cents due to comparable strength in the U.S. dollar index.
Approximately 20,000 canola contracts were traded as of 10:40 CDT.
Prices in Canadian dollars per metric tonne at 10:40 CDT:
Canola Nov 511.20 dn 8.50
Jan 518.20 dn 8.80
Mar 525.00 dn 8.90
May 528.80 dn 9.00
Futures Prices as of September 24, 2020
Prices are in Canadian dollars per metric ton