By Glen Hallick, MarketsFarm
WINNIPEG, Nov. 30 (MarketsFarm) – Intercontinental Exchange (ICE) Futures canola contracts were lower on Monday due to profit-taking, according to a Winnipeg-based trader.
With Statistics Canada set to release its principal field crops report on Dec. 3, the trader said the markets are unsure of what the numbers are going to be, so there has been profit-taking now.
“There’s a lot of money on the table at month end,” he said.
Weakness in the Chicago soy complex was also weighing on canola values. The trader said product values were down about $13 with canola values dropping around $6.
The declines at the Chicago Board of Trade were due to rain in South American that’s has fallen with more in the forecast, he explained. The precipitation is timely to give struggling soybean crops in Brazil and Argentina a boost.
The Canadian dollar was firm at 77.04 U.S. cents, compared to Friday’s close of 77.01.
Approximately 20,900 canola contracts were traded as of 10:36 CST.
Prices in Canadian dollars per metric tonne at 10:36 CST:
Canola Jan 576.00 dn 7.00
Mar 573340 dn 5.90
May 570.10 dn 5.80
Jul 564400 dn 5.50