By Glen Hallick, MarketsFarm
WINNIPEG, Nov. 29 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were lower at midday Monday, after contracts hit new highs during “a wild overnight session,” said a trader.
He explained things petered out due to the long liquidation, spurred on by concerns over the new Omicron strain of COVID-19.
Also, the trader noted Australia’s canola crop is said to be somewhat larger than expected.
As for the Statistics Canada report due out on Friday, he suggested production numbers for canola and other major crops could be lower than those estimated in September.
The Canadian dollar was slightly lower, with the loonie at 78.19 U.S. cents compared to Friday’s close of 78.30.
Approximately 12,850 canola contracts were traded as of 10:37 CST.
Prices in Canadian dollars per metric tonne at 10:35 CST:
Price Change
Canola Jan 1,030.50 dn 8.40
Mar 998.10 dn 5.80
May 957.80 dn 5.70
Jul 912.20 dn 5.40
