By Marlo Glass, MarketsFarm
WINNIPEG, Nov. 2 (MarketsFarm) – ICE Futures canola contracts were lower at midday Monday, spurred by profit-taking in United States commodity markets.
One Winnipeg-based trader said some participants have taken to the sidelines, as market activity is expected to be volatile leading up to the highly anticipated U.S. presidential election.
Losses in comparable vegetable oils also weighed on prices, with nearby contracts posting losses of about four tenths of a cent at midday. Malaysian palm oil and European rapeseed were also weaker in overnight trade.
The Canadian dollar was slightly stronger at midday, keeping pressure on canola prices. The dollar was around 75.3 U.S. cents.
Approximately 11,000 canola contracts were traded as of 10:45 CST.
Prices in Canadian dollars per metric tonne at 10:45 CDT:
Price Change
Canola Jan 533.70 dn 8.90
Mar 538.80 dn 8.80
May 536.70 dn 9.40
Jul 534.90 dn 9.40
