By Glen Hallick, MarketsFarm
WINNIPEG, April 23 (MarketsFarm) – ICE Futures canola contracts were weaker at midday Tuesday, with a lower Canadian dollar tempering losses.
The May contract slipped 50 cents at C$442.60 per tonne and the July contract was down 90 cents at C$450.50 per tonne.
“If it wasn’t for the Canadian dollar, we’d be down C$2 to C$4,” a Winnipeg-based trader said.
The Canadian dollar was down Tuesday, at about 74.57 U.S. cents.
The trader said the loonie is helping, but canola bids need much more help.
“There isn’t much in the air today. All of the markets are still in control of the spec shorts. They don’t have a reason to give up,” he said.
Two things could help prices, he added. One would be a major weather event and another could be prices dropping low enough for the spec shorts to give up.
About 14,200 canola contracts were traded as of 10:25 CDT.
Prices in Canadian dollars per metric tonne at 10:25 CDT:
Price Change
Canola May 442.60 dn 0.50
Jul 450.50 dn 0.90
Nov 462.20 dn 1.10
Jan 469.50 dn 0.60
