By Glen Hallick, MarketsFarm
WINNIPEG, July 6 (MarketsFarm) – Canola futures on the Intercontinental Exchange (ICE) were dramatically weaker at midday Tuesday, with contracts plummeting to their daily limit.
A Winnipeg-based trader said there was some rain across the Prairies yesterday that brought some much needed moisture.
“Was it broad enough showers to stabilize yields?” he posed, indicating that it’s likely too little precipitation that arrived too late.
He also noted there was rain in the United States which has weighed heavily on their markets.
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The trader said the focus for the remainder of the week will be on the provincial crop reports. The first will be Manitoba’s out later this afternoon, with Saskatchewan’s on Thursday and Alberta’s on Friday.
There were very steep declines in the Chicago soy complex and European rapeseed, while Malaysian palm oil had much more moderate losses.
The Canadian dollar was weaker with the loonie at 80.13 U.S. cents compared to Monday’s close of 81.02.
Approximately 17,100 canola contracts were traded as of 10:41 CDT.
Prices in Canadian dollars per metric tonne at 10:41 CDT:
Price Change
Canola Nov 771.40 dn 30.00
Jan 768.10 dn 30.00
Mar 760.10 dn 30.00
May 748.90 dn 30.00
