ICE Midday: Canola Prices Continue to Plunge

WINNIPEG, Manitoba--The ICE Futures canola market was sharply weaker at midday Wednesday in sympathy with the Chicago soy complex.

Canola futures have lost more than C$18 per ton, with the most active November contract threatening to drop below the C$700/ton mark. A Winnipeg-based trader attributed the fall to recent rains in the Prairies, the potential for rains in the United States Northern Plains and the current condition of this year's crop. Higher-than-normal temperatures are expected over the next few days.

Weakness in the soy complex also contributed to downward pressure on prices, but for the second straight day, soymeal prices have risen.

The Canadian dollar strengthened slightly at midday.

Nearly 11,100 contracts were traded as of 12:11 p.m. EDT.

                  Price      Change
Canola    Jul    821.40    dn 24.50
          Nov    704.40    dn 19.80
          Jan    704.80    dn 20.90
          Mar    704.50    dn 18.50

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


  (END) Dow Jones Newswires
  06-16-21 1236ET
  Copyright (c) 2021 Dow Jones & Company, Inc.

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