By Glen Hallick, MarketsFarm
WINNIPEG, March 19 (MarketsFarm) – Canola bids are well down midday Tuesday, because of pressure from a rising Canadian dollar and slipping soyoil prices.
A Winnipeg-based trader pegged the rise of the dollar on the federal budget being introduced later on Tuesday. After closing at 74.93 United States cents yesterday, the loonie rose to 75.30 cents by midday.
The trader said he doesn’t expect the loonie’s rally to continue for very long.
Canola was also getting pressure from lower soyoil prices, according to the trader. May soyoil lost 0.21 of a cent to 29.23 U.S. cents per pound.
“Bean oil hasn’t been collapsing by any means, but it continues to quietly press lower,” he said.
About 8,100 canola contracts were traded as of 10:33 CDT.
Prices in Canadian dollars per metric tonne at 10:33 CDT:
Price Change
Canola May 462.40 dn 3.90
Jul 470.50 dn 4.00
Nov 482.10 dn 3.90
Jan 487.80 dn 3.80
