By Marlo Glass, MarketsFarm
WINNIPEG, Sept. 9 (MarketsFarm) – The ICE Futures canola market was lower at midday Monday, amid light trading activity.
A strong Canadian dollar is mostly to blame for keeping pressure on canola values. The dollar surged above 76 U.S. cents late last week, and held at 75.99 cents on Monday.
“Sometimes it takes time for a rally in the dollar to work its way into the canola market,” remarked one Winnipeg-based trader.
The trader anticipated contract values to hold around the C$440 mark, but speculative long traders leaving contracts may cause a bit of a break.
A downturn in soyoil values also failed to provide support for canola prices.
About 5,400 canola contracts traded as of 10:45 CDT.
Prices in Canadian dollars per metric tonne at 10:45 CDT:
Canola Nov 439.60 dn 3.20
Jan 447.20 dn 3.50
Mar 454.30 dn 3.50
May 460.80 dn 3.30