ICE Midday: Canola moves downward

WINNIPEG – The ICE Futures canola market was in the red at midday Thursday to go along with broad-based selling across most commodities.

One trader believes that canola’s current price point has made it attractive to start selling action.
“There seems to be an increase in farmers selling this week right across the Prairies. We’re over C$19 per bushel in a lot of areas, some maybe C$19.50/bu. and that seems to be the trigger for a lot of producers here,” the trader said, adding that farmers are preparing for January deliveries.

The Canadian dollar continued to struggle against a resurgent U.S. dollar, dropping half a cent to below the 73 U.S. cent mark.

That stronger greenback was putting pressure on U.S. based commodities. The Chicago soy complex was lower with the exception of soyoil. European rapeseed was also lower, while Malaysian palm oil was higher. After OPEC+ announced yesterday it will cut crude oil production starting in November, crude oil prices are up nearly US$1/barrel.

Sun and cloud were forecast for much of the Prairies today with high temperatures in the double digits for much of Alberta and just above freezing for everywhere else. Overnight temperatures in Saskatchewan and Manitoba were in negative territory, causing frost.

Nearly 19,000 canola contracts were traded as of 10:43 CDT.

Price Change
Canola Nov 863.30 dn 10.10
Jan 871.00 dn 9.90

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