By Glen Hallick, MarketsFarm
WINNIPEG, June 3 (MarketsFarm) – ICE Futures canola contracts were down at midday Monday, as the Canadian dollar was gaining strength along with lower soyoil prices on the Chicago Board of Trade, according to a Winnipeg-based trader.
At midday, the July contract was down 90 cents at C$458.60 per tonne. The November contract was down C$1.50 at C$471.90 per tonne.
The Canadian dollar was up Monday morning at approximately 74.18 U.S. cents.
There was some rainfall over parts of the Prairies on the weekend, with the prospect for good showers this week. If the latter comes through, the trader said that would put more pressure on canola bids.
In the meantime, canola has demonstrated some independent strength, he commented.
“Canola was C$4 to C$5 per tonne sturdier on Friday and C$3 to C$4 sturdier this morning,” he said.
Approximately 7,400 canola contracts were traded as of 10:33 CDT.
Prices in Canadian dollars per metric tonne at 10:33 CDT:
Price Change
Canola Jul 458.60 dn 0.90
Nov 471.90 dn 1.50
Jan 477.40 dn 1.20
Mar 482.10 dn 0.50
