By Glen Hallick, MarketsFarm
WINNIPEG, Sept. 1 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures remained lower at midday Wednesday, as the markets kept driving down Chicago soyoil.
“Beanoil is clearly in a downtrend now,” commented a Calgary based analyst, noting that November canola could drop to C$850 per tonne and even to the next resistance level of C$825. However, the analyst said cash prices could remain strong if demand from buyers warrants it.
Additional pressure on canola came from declines in Malaysian palm oil and European rapeseed.
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More rain is in the Prairie forecast, which will further delay the harvest and cause quality issues for crops still needing to be combined. Yesterday, Manitoba reported its province-wide harvest of all crops reached 35 per cent complete, for a gain of only five on the week due to the rain. Saskatchewan will issue its report on Thursday, followed by Alberta on Friday.
The Canadian dollar was virtually unchanged, providing little direction for canola. The loonie was at 79.25 U.S. cents compared to Tuesday’s close of 79.26.
Approximately 4,750 canola contracts were traded as of 10:34 CDT.
Prices in Canadian dollars per metric tonne at 10:34 CDT:
Price Change
Canola Nov 884.00 dn 11.30
Jan 869.20 dn 11.20
Mar 846.60 dn 13.60
May 822.10 dn 16.10
