ICE canola midday: Bids falling back as harvest progresses

By Glen Hallick, MarketsFarm

WINNIPEG, Sept. 17 (MarketsFarm) – ICE Futures canola contracts were weaker at midday Tuesday as the Prairie harvest has been picking up pace, said a Winnipeg-based trader.

He noted there has been an increased amount of “selling off of the combine” and farmers still have a great deal of canola in their bins.

From a buyer’s perspective, he said canola is quite attractively priced and the crush margins have jumped up.

After making significant gains on Monday, Chicago soyoil lost a little bit of ground by midday Tuesday. The trader said canola often takes some time to react to movement in soyoil.

He also pointed out that the product value of soyoil increased by up to US$29 over the last week, with canola up about half of that.

The Canadian dollar was down at 75.43 U.S. cents.

Approximately 13,300 canola contracts were traded as of 10:23 CDT.

Prices in Canadian dollars per metric tonne at 10:23 CDT:

Price Change
Canola Nov 450.40 dn 2.30
Jan 458.90 dn 2.20
Mar 467.20 dn 2.00
May 473.40 dn 1.60

Commodity Future Prices

Canola
Price Change

Prices are in Canadian dollars per metric ton

COPA Medallion COPA finalist in 2012, 2014 and 2015.
©2019 AGCanada is a production of Glacier FarmMedia Limited Partnership. Any affiliated or third party content is the property of its respective owner and is used with permission.
Please refer to Copyright Page for details.
Click here to view our Website Terms of Use.