ICE canola weaker on Tuesday

By Marlo Glass, MarketsFarm

WINNIPEG, Aug. 27 (MarketsFarm) – The ICE Futures canola market was weaker on Tuesday morning, following pricing trends set by soybeans on the Chicago Board of Trade.
Soybean prices were pressured by improved crop conditions. Development remains two to four weeks behind schedule.
The Canadian dollar rallied to about 75.5 cents compared to its U.S. counterpart, which further hampered canola values.
Concerns of frost across the Canadian Prairies have kept a weather premium in the market, providing some support for canola values.
About 2,700 canola contracts had traded as of 8:35 CDT.
Prices in Canadian dollars per metric ton at 8:35 CDT:
Price Change
Canola Nov 447.10 dn 1.30
Jan 455.00 dn 1.20
Mar 462.20 dn 1.00
May 469.30 dn 0.30

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