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ICE Canola Down With Outside Markets at Midday

09/20/2021 | 12:20pm EDT

WINNIPEG--The ICE Futures canola market was weaker at midday Monday, taking some direction from the Chicago Board of Trade soy complex.

Concerns over a default by Chinese real estate company Evergrande sparked broad weakness in global equity and energy markets Monday that spilled into the grains and oilseeds, with that 'risk-off' sentiment leading to profit-taking in canola as well.

Soyoil futures fell to their lowest levels in three months, contributing to the declines in canola.

Seasonal harvest pressure was another bearish influence, although concerns over the size of the drought-stricken crop remained supportive.

Weakness in the Canadian dollar also helped temper the declines in canola.

About 8,000 canola contracts traded as of 11:47 a.m. EDT.

Prices in Canadian dollars per metric ton at 11:47 a.m. EDT:

                           Price      Change 
Canola            Nov     866.40    dn  7.40 
                  Jan     858.20    dn  8.10 
                  Mar     846.50    dn  7.60 
                  May     830.00    dn  7.40 

Source: Commodity News Service Canada, news@marketsfarm.com

(END) Dow Jones Newswires

09-20-21 1219ET

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