By Glen Hallick, MarketsFarm
WINNIPEG, Nov. 4 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were pulling back at midday Thursday being drawn lower by sharp losses in the Chicago soy complex. Declines in European rapeseed added more pressure.
“We are grinding lower,” a trader commented, noting that “the soybean complex has got no friends.”
There are expectations that soybean ending stocks will increase come Nov. 9 when the United States Department of Agriculture releases its monthly supply and demand estimates.
Also, the trader believed there was profit-taking in the canola futures. More pressure on edible oils came from crude oil which was seeing its strong gains today slip away.
Tight canola supplies provided some support to stem further declines.
The Canadian dollar was weaker, which also helped to stymie further losses in canola. The loonie was at 8030 U.S. cents compared to Wednesday’s close of 80.53.
Approximately 10,850 canola contracts were traded as of 10:33 CDT.
Prices in Canadian dollars per metric tonne at 10:33 CDT:
Price Change
Canola Jan 974.70 dn 16.00
Mar 951.10 dn 12.00
May 922.20 dn 8.60
Jul 881.90 dn 6.30
