By Glen Hallick, MarketsFarm
WINNIPEG, July 13 (MarketsFarm) – ICE Futures canola contracts were lower at midday Monday largely due to weakness in the Chicago soy complex, according to a Winnipeg-based trader.
Chicago Board of Trade soybeans were in double-digit losses, with soyoil down about a quarter of a cent and soymeal incurring sharp losses. There were also declines in European rapeseed, but Malaysian palm oil showed a little bit of strength.
“Canola ran up to C$480 per tonne and it couldn’t get through that wall of selling and has retreated back down,” he said.
The Prairie weather contributed to the drop in canola values on Monday.
“We have gotten rid of most of the dry pockets. Everyone is well watered now,” he commented.
There were reports of hail in some areas of the Prairies over the weekend as the storm system moves into Manitoba this afternoon.
The Canadian dollar was higher at 73.72 U.S cents compared to Friday’s close of 73.56.
Approximately 12,800 canola contracts were traded as of 10:51 CDT.
Prices in Canadian dollars per metric tonne at 10:51 CDT:
Canola Nov 476.50 dn 3.00
Jan 484.00 dn 2.30
Mar 489.50 dn 2.00
May 493.20 dn 1.60