By Glen Hallick, MarketsFarm
WINNIPEG, Sept. 21 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were lower at midday Thursday, following the vegetable oils to the downside.
A trader said the spec traders were back “selling canola again,” after yesterday’s small gains in the Canadian oilseed.
“Spec money in all the markets is flushing out a little bit, that they’re not eager to stay in.” he continued.
The trader said that despite the losses canola was incurring, it should do relatively alright on Thursday, provided Chicago soyoil doesn’t fall apart suddenly. He point to market prices for diesel being higher today, which lent support to soyoil.
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There were losses throughout the Chicago soy complex, which together with declines in European rapeseed and Malaysian palm oil put pressure on canola.
Saskatchewan is scheduled to issue its weekly crop report later today. Last week the province’s agriculture department pegged harvest progress at 68 per cent overall, with the canola at 42 per cent finished.
The Canadian dollar was weaker at mid-Thursday morning with the loonie dropping 74.19 U.S. cents compared to Wednesday’s close of 74.50.
Approximately 19,400 canola contracts were traded as of 10:29 CDT.
Prices in Canadian dollars per metric tonne at 10:29 CDT:
Price Change Canola Nov 726,80 dn 9.30 Jan 736.10 dn 9.00 Mar 742.30 dn 9.40 May 748.00 dn 9.50
