ICE Canola Midday: Fund selling pulling down prices
Additional pressure from lower veg oils
By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures were sharply lower at midday Wednesday amid a selloff
“Canola has been diving lower on fund selling and a little bit of farmer selling,” commented analyst Wayne Palmer of Exceed Grain in Winnipeg, noting the farmers are largely cash-adequate at this time.
“But everyday (canola) seems to come back,” he added.
Pressure on the Canadian oilseed also came from declines in the Chicago soy complex, European rapeseed and Malaysian palm oil. Upticks in crude oil tempered further losses in the vegetable oils.
The Canadian dollar continued to pull back due to gains in its United States counterpart. The loonie slipped to 71.57 U.S. cents compared to Tuesday’s close of 71.72.
Approximately 25,650 canola contracts were traded as of 10:38 am CST, with prices in Canadian dollars per metric tonne:
Price Change Canola Jan 640.70 dn 17.70 Mar 653.40 dn 17.70 May 661.10 dn 17.90 Jul 662.80 dn 18.60
