By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Oct. 17 (MarketsFarm) – ICE Futures canola contracts were weaker at midday Monday, retreating from overnight gains.
Strength in the Canadian dollar, which was up by more than half a cent relative to its United States counterpart, accounted for some of the weakness in canola.
Losses in European rapeseed futures and steady farmer deliveries into the commercial pipeline contributed to the declines in canola.
However, gains in Chicago Board of Trade soyoil provided underlying support. Wide crush margins and solid end user demand also helped limit the downside.
About 15,200 canola contracts traded as of 10:42 CDT.
Prices in Canadian dollars per metric tonne at 10:42 CDT:
Canola Nov 858.30 dn 4.00
Jan 865.00 dn 4.10
Mar 870.20 dn 4.90
May 872.20 dn 4.70
