By Marlo Glass, MarketsFarm
WINNIPEG, Dec. 30 (MarketsFarm) – ICE Futures canola contracts were weaker at midday Wednesday, due to a softer tone on comparable vegetable oils.
Canola was following losses in Chicago soyoil, with nearby contracts down by about a tenth of a cent.
One Winnipeg-based trader said canola prices need to correct higher in order to discourage demand, as there are reports of tight carryout stocks come springtime.
Gains in the Canadian dollar also kept pressure on canola prices. The dollar was around 78.4 U.S. cents at midday.
Approximately 11,000 canola contracts were traded as of 10:45 CST.
Prices in Canadian dollars per metric tonne at 10:45 CST:
Price Change
Canola Jan 632.10 dn 5.50
Mar 633.30 dn 2.70
May 621.10 dn 2.60
Jul 607.00 dn 2.40
