WINNIPEG, Manitoba -- Intercontinental Exchange (ICE) canola futures were weaker at midday Wednesday with double-digit losses in the old crop months.
An analyst said profit-taking could be part of the reason for the pullback, but noted moves of C$15 per metric ton either way in canola aren't too significant given how expensive the Canadian oilseed has become.
Positioning ahead of a series of reports from the U.S. Department of Agriculture also affected canola values, he said. The USDA will issue its monthly supply and demand estimates Wednesday along with a number of other reports.
Declines in the Chicago soy complex and sharp downturns in European rapeseed were weighing on values. But modest gains in global crude oil prices were aiding edible oils and there was support from increases in Malaysian palm oil.
The Canadian dollar was stronger, which also put more pressure on canola. The loonie climbed to 79.91 U.S. cents, compared to Tuesday's close of 79.33.
Approximately 10,400 canola contracts were traded as of 11:26 a.m. EST.
Prices in Canadian dollars per metric ton at 11:26 EST:
Price Change
Canola Mar 1,009.50 dn 18.60
May 985.40 dn 14.20
Jul 940.00 dn 11.30
Nov 788.60 dn 4.10
Source: Commodity News Service Canada, news@marketsfarm.com
(END) Dow Jones Newswires
01-12-22 1200ET
