By Glen Hallick, MarketsFarm
WINNIPEG, August 19 (MarketsFarm) – ICE Futures canola contracts were weaker at midday Monday, due to a negative bias coming out of the United States, said a Winnipeg-based trader.
“Chart-wise, we’re in ‘la-la-land’. We’re in a sideways trend,” he commented.
The soy complex on the Chicago Board of Trade was mostly lower, especially soyoil which was down by about four-tenths of a U.S. cent.
Canola has remained competitive with other oilseeds, which moved downward in overnight trading.
The trader noted volumes were lighter, as farmers were busy harvesting cereals and beginning to swath canola, he said.
Cooler temperatures over the weekend on the Prairies helped canola bids drift lower, the trader said.
MarketsFarm has forecast warmer temperatures for the Prairies for the rest of this week, followed by below normal temperatures along with chances for overnight frost in some parts of the region. There could be some rain in Alberta and Saskatchewan today, but most of this week is expected to be dry with precipitation during the weekend.
The Canadian dollar was steady at 75.27 U.S. cents.
Approximately 3,400 canola contracts were traded as of 10:24 CDT.
Prices in Canadian dollars per metric tonne at 10:24 CDT:
Canola Nov 450.80 dn 1.60
Jan 458.20 dn 1.80
Mar 464.40 dn 2.10
May 469.90 dn 2.00