WINNIPEG – The ICE Futures canola market weakened in both old and new crop contracts at midday Tuesday in concert with soybeans, but losses stayed within the single digits.
Old crop soybeans fell less than five cents per bushel on Tuesday and none of the new crop contracts fell more than 20 cents/bu. Meanwhile, soyoil and soymeal were holding steady for the most part.
“We’ve got a fair canola crop underway. So it’s just oscillating back and forth in line with what the oil and meal values are doing, just swinging back and forth,” a Winnipeg-based trader said.
Recent rains in the Prairies have brought downward pressure on canola prices and higher-than-normal temperatures are expected in the coming days.
The Canadian dollar weakened slightly at midday.
Nearly 7,100 contracts were traded as of 11:02 a.m. CDT.
Canola Jul 843.90 dn 9.80
Nov 721.40 dn 6.20
Jan 723.70 dn 5.10
Mar 719.70 dn 6.40
Futures Prices as of June 15, 2021
Prices are in Canadian dollars per metric ton