WINNIPEG – The ICE Futures canola market was sharply weaker at midday Wednesday in sympathy with the Chicago soy complex.
Canola futures have lost more than C$18 per tonne, with the most active November contract threatening to drop below the C$700/tonne mark. A Winnipeg-based trader attributed the fall to recent rains in the Prairies, the potential for rains in the United States Northern Plains and the current condition of this year’s crop. Higher-than-normal temperatures are expected over the next few days.
Weakness in the soy complex also contributed to downward pressure on prices, but for the second straight day, soy meal prices have risen.
The Canadian dollar strengthened slightly at midday.
Nearly 11,100 contracts were traded as of 11:11 a.m. CDT.
Canola Jul 821.40 dn 24.50
Nov 704.40 dn 19.80
Jan 704.80 dn 20.90
Mar 704.50 dn 18.50