By Marlo Glass, MarketsFarm
WINNIPEG, Oct. 16 (MarketsFarm) – ICE Futures canola contracts were lower at midday Friday.
Canola prices have been pressured by high volumes of canola in commercial pipelines following Western Canada’s harvest.
Losses in comparable vegetable oils also weighed on prices, with nearby contracts posting losses of over a tenth of a cent at midday. Malaysian palm oil was also weaker, while European rapeseed showed small gains.
The Canadian dollar was slightly stronger at midday, further depressing canola prices. The dollar was around 75.8 U.S. cents.
Approximately 22,000 canola contracts were traded as of 10:45 CDT.
Prices in Canadian dollars per metric tonne at 10:45 CDT:
Canola Nov 524.40 dn 1.00
Jan 531.70 dn 1.40
Mar 538.30 dn 1.00
May 539.30 dn 1.10
Futures Prices as of October 16, 2020
Prices are in Canadian dollars per metric ton