By Glen Hallick, MarketsFarm
WINNIPEG, July 15 (MarketsFarm) – ICE Futures canola contracts were lower at midday Wednesday due to a lack of demand from exporters and crushers, according to a Winnipeg-based trader.
A Calgary-based analyst said the sharp rise Canadian dollar also weighed on values. The loonie was stronger at 73.94 U.S cents compared to Tuesday’s close of 73.44. That strength was largely because of weakness in the United States Dollar Index.
There was support from the Chicago soy complex, as well as European rapeseed and Malaysian palm oil, which tempered declines in canola.
The weekly crop report from Manitoba Agriculture noted the province’s crops are generally in average to good condition.
Approximately 9,900 canola contracts were traded as of 10:49 CDT.
Prices in Canadian dollars per metric tonne at 10:49 CDT:
Canola Nov 476.30 dn 3.00
Jan 483.80 dn 2.90
Mar 489.50 dn 2.50
May 493.30 dn 2.40