By Glen Hallick, MarketsFarm
WINNIPEG, Oct. 27 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures turned lower on Wednesday morning amid declines in the Chicago soy complex.
There were also losses in European rapeseed and Malaysian palm oil. Crude oil prices dropped back, which weakened biofuel values.
Tight supplies continued to underpin canola values, as were concerns over dryness across the Prairies continuing into next year.
Open interest in the November 2021 canola contract has fallen below 5,800 as its first notice is on Friday.
Rain is in the forecast today for the eastern half of the Prairies, with another system bringing precipitation to the western half tomorrow. By the weekend daytime temperatures will be in the low single digits.
The Canadian dollar was weaker this morning, with the loonie at 80.47 U.S. cents, compared to Tuesday’s close of 80.80.
About 4,450 canola contracts had traded as of 8:36 CDT.
Prices in Canadian dollars per metric tonne at 8:36 CDT:
Price Change
Canola Nov 957.00 dn 4.40
Jan 953.90 dn 0.70
Mar 932.90 dn 4.30
May 901.40 dn 7.30
