ICE Canola Weakens in Thin Trade at Midday

WINNIPEG, Manitoba--The ICE Futures canola market was weaker at midday Wednesday in thin and choppy activity.

The market was holding range-bound overall, with traders waiting to get a better handle on the size of this year's crop.

While hot and dry Prairie weather conditions remain a supportive influence, those drought concerns have been largely priced into the market already, according to a trader.

Chicago Board of Trade soyoil futures were up at midday, which provided some underlying support for canola. However, Malaysian palm oil was weaker in overnight activity.

The Canadian dollar was holding relatively steady, providing little direction.

About 8,200 canola contracts traded as of 11:36 EDT.

Prices in Canadian dollars per metric tonne at 11:36 EDT:

 
              Price    Change 

Canola

   Nov       892.00    dn 2.40 
   Jan       875.90    dn 3.60 
   Mar       859.60    dn 2.50 
   May       839.50    dn 2.50 
 

Source: Commodity News Service Canada

Write to Phil Franz-Warkentin at [e-mail]

(END) Dow Jones Newswires

07-28-21 1225ET