By Glen Hallick, MarketsFarm
WINNIPEG, Dec. 14 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were stepping back at midday Tuesday, due to weakness in Chicago soyoil.
A trader said there’s profit-taking in soyoil as the long positions are being liquidated, with the spillover weighing on canola.
With lower global crude oil prices putting pressure on edible oils, European rapeseed and Malaysian palm oil were down as well.
Support was coming from gains in Chicago soybeans and soymeal. Tight canola supplies and the need to ration demand were also supportive.
The Canadian dollar continued to drop back, with the loonie at 77.82 U.S. cents compared to Monday’s close of 78.18.
Approximately 14,500 canola contracts were traded as of 10:28 CST.
Prices in Canadian dollars per metric tonne at 10:28 CST:
Price Change
Canola Jan 1,002.50 dn 7.30
Mar 978.50 dn 5.50
May 939.10 dn 8.30
Jul 884.30 dn 11.70
