By Glen Hallick, MarketsFarm
WINNIPEG, Oct. 1 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were lower at midday Thursday, following yesterday’s spike in prices.
A Winnipeg-based trader said the biggest factor was the significant decline in Chicago soyoil, which the December contract lost about two-thirds of a U.S. cent.
Malaysian palm oil was lower as well, but there were gains in European rapeseed.
The trader commented the lack of buying as being one of the other contributing factors in canola’s declines today.
“The buyers need to step up here. The funds are still long, about 48,000 contracts,” he said.
The trader also noted the Golden Week holiday in China and rain in the forecast for Brazil had, “taken some of the shine off of the oilseed markets.”
The Canadian dollar was higher at 75.19 U.S. cents, compared to Wednesday’s close of 74.97.
Approximately 14,700 canola contracts were traded as of 10:27 CDT.
Prices in Canadian dollars per metric tonne at 10:27 CDT:
Price Change
Canola Nov 517.60 dn 2.80
Jan 525.20 dn 2.90
Mar 532.00 dn 3.20
May 535.60 dn 2.90
