ICE Canola Futures Weaken With Spec Selling at Midday

WINNIPEG, Manitoba--The ICE Futures canola market was weaker at midday Tuesday, as losses in the Chicago Board of Trade soy complex spilled over to weigh on values.

Speculators were noted sellers in the canola market, taking profits on their long positions.

However, hot and dry Prairie weather remained supportive, with anecdotal reports pointing to very low yields across the Prairies this year.

"Generally speaking we have a terrible crop out there, but I don't think the market cares," said a trader on losses in canola. He said that canola was still trading at historically high levels despite the correction lower.

Weakness in the Canadian dollar, which dipped back below 80 U.S. cents, was somewhat supportive.

About 10,700 canola contracts traded as of 11:47 EDT.

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

 
                          Price      Change 
Canola            Nov     829.80    dn 12.40 
                  Jan     823.30    dn 12.40 
                  Mar     815.60    dn 12.50 
                  May     800.00    dn 12.50 
 

Source: Commodity News Service Canada, [e-mail]

(END) Dow Jones Newswires

08-03-21 1220ET