By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Aug. 16 – (MarketsFarm) – The ICE Futures canola market was weaker at midday Tuesday, seeing follow-through selling after Monday’s declines.
Global economic uncertainty accounted for some selling pressure in crude oil, which spilled over to weigh on vegetable oil markets. Chicago soyoil and European rapeseed futures were both weaker, contributing to the softer tone in canola.
Relatively favourable Prairie crop conditions also weighed on values, although enough areas of concern persist to keep some caution in the futures especially as many fields are thought to be at least two weeks behind normal in their development.
The Canadian dollar was showing some stability after falling sharply relative to its United States counterpart on Monday.
About 12,200 canola contracts traded as of 10:39 CDT.
Prices in Canadian dollars per metric tonne at 10:39 CDT:
Canola Nov 812.40 dn 24.00
Jan 821.10 dn 24.30
Mar 826.10 dn 25.80
May 828.20 dn 26.00
