By Glen Hallick, MarketsFarm
WINNIPEG, Aug. 28 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were lower at midday Friday, following declines in Chicago soyoil of more than a third of an United States cent.
European rapeseed was lower as well, but there was support from higher Malaysian palm oil.
A trader speculated that canola combining across the Prairies was beginning to pick up momentum, putting harvest pressure on prices.
From what the trader has observed so far, he noted canola yields have been well short of the projections from earlier this year.
The Canadian dollar was also weighing on values. The loonie was slightly higher at 76.30 U.S. cents, compared to Thursday’s close of 76.17.
Approximately 18,700 canola contracts were traded as of 10:40 CDT.
Prices in Canadian dollars per metric tonne at 10:40 CDT:
Price Change
Canola Nov 496.20 dn 1.00
Jan 503.60 dn 1.40
Mar 509.40 dn 1.60
May 513.50 dn 2.50
