By Glen Hallick, MarketsFarm
WINNIPEG, Sept. 28 (MarketsFarm) – Intercontinental Exchange (ICE) canola futures were lower at midday Wednesday due to weakness in Malaysian palm oil, according to an analyst.
He said palm oil has lost 17 per cent of its value over the last five days, putting pressure on canola. However, he noted that the Canadian oilseed has benefitted from a much weaker loonie, suggesting there’s resistance for the nearby November contract at C$845 per tonne.
Declines in the Chicago soy complex also weighed on canola, while support came from gains in European rapeseed. Global crude oil prices were advancing with spillover going into vegetable oils.
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Daytime temperatures are forecast to reach the high 20’s to low 30’s degrees Celsius over Alberta and Saskatchewan, while Manitoba is to see the high teens.
With the United States dollar easing back at midday, the Canadian dollar was on the rise. The loonie climbed to 73.18 U.S. cents, compared to Tuesday’s close of 72.85.
Approximately 21,200 canola contracts were traded as of 10:33 CDT.
Prices in Canadian dollars per metric tonne at 10:33 CDT:
Price Change
Canola Nov 825.60 dn 3.50
Jan 834.70 dn 3.70
Mar 841.80 dn 3.80
May 843.50 dn 4.00
