By Marlo Glass, MarketsFarm
WINNIPEG, Aug. 12 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were weaker on Wednesday morning, ahead of August’s World Agriculture Supply Demand Estimates (WASDE) from the United States Department of Agriculture (USDA). The WASDE is expected to have a generally bearish influence on the market.
Gains in Chicago soyoil prevented further losses for canola values. Nearby Chicago soyoil contracts were up by about a quarter of a cent in early morning trade.
Continued strength to the Canadian dollar kept pressure on canola. The loonie was over 75 U.S. cents during early morning trade.
About 3,000 canola contracts had traded as of 8:35 CDT.
Prices in Canadian dollars per metric ton at 8:35 CDT:
Canola Nov 482.90 dn 1.10
Jan 489.00 dn 0.90
Mar 493.00 dn 0.80
May 496.70 dn 0.20