By Marlo Glass, MarketsFarm
WINNIPEG, Jan. 28 (MarketsFarm) – The ICE Futures canola market was weaker at midday Tuesday, continuing pricing trends set yesterday. However, prices were holding above intersession lows from Monday.
Rebounding soyoil on the Chicago Board of Trade provided some support to canola prices, though one trader remarked that prices remained “heavy.”
“We don’t want to go up, and we don’t want to go down,” he said.
Relative strength to the Canadian dollar also weighed on prices. At midday, the dollar was around 75.88 U.S. cents.
About 22,000 canola contracts traded as of 10:35 CST.
Prices in Canadian dollars per metric tonne at 10:35 CST:
Price Change
Canola Mar 459.50 dn 2.00
May 468.90 dn 1.70
Jul 475.50 dn 1.40
Nov 483.80 dn 0.50
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