By Glen Hallick, MarketsFarm
WINNIPEG, August 20 (MarketsFarm) – ICE Futures canola contracts were higher at midday Tuesday, with the oilseed markets choppy as they seek direction, according to a Winnipeg-based trader.
He said oilseeds, including canola, have been up one day and down the next, with an exception on Monday.
“Canola held up yesterday when the U.S. markets were under pressure,” the trader commented.
As the Chicago soy complex had soybeans and soymeal up slightly, soyoil lost a little. Meanwhile, European rapeseed made good gains and Malaysian palm oil incurred losses.
The markets have been watching the Pro Farmer Midwest Crop Tour; with corn getting the lion’s share of the attention, the trader noted. The results of the first day estimated corn yields should be well down and soybean pod counts significantly lower from last year.
The Canadian dollar lost ground from yesterday and was hovering around 75.00 U.S. cents.
Approximately 5,600 canola contracts were traded as of 10:24 CDT.
Prices in Canadian dollars per metric tonne at 10:24 CDT:
Canola Nov 451.00 up 0.80
Jan 458.70 up 1.00
Mar 465.50 up 1.20
May 472.70 up 2.90