ICE Midday: Canola Prices Slightly Lower

WINNIPEG--The ICE Futures canola market weakened in both old and new crop contracts midday Tuesday in concert with soybeans, but losses stayed within the single digits.

Old crop soybeans fell less than five cents per bushel on Tuesday and none of the new crop contracts fell more than 20 cents/bu. Meanwhile, soyoil and soymeal were holding steady for the most part.

"We've got a fair canola crop underway. So it's just oscillating back and forth in line with what the oil and meal values are doing, just swinging back and forth," said a Winnipeg-based trader.

Recent rains in the Prairies have brought downward pressure on canola prices and higher-than-normal temperatures are expected in the coming days.

The Canadian dollar weakened slightly at midday.

Nearly 7,100 contracts were traded as of 10:02 a.m. EDT.

                Price    Change
Canola     Jul  843.90  dn 9.80
           Nov  721.40  dn 6.20
           Jan  723.70  dn 5.10
           Mar  719.70  dn 6.40


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


  (END) Dow Jones Newswires
  06-15-21 1235ET
  Copyright (c) 2021 Dow Jones & Company, Inc.

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