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ICE Midday: Canola Prices Continue to Plunge

06/16/2021 | 12:37pm EDT

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

Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / CANADIAN DOLLAR (AUD/CAD) 0.61% 0.92558 Delayed Quote.-6.44%
BRITISH POUND / CANADIAN DOLLAR (GBP/CAD) 0.17% 1.7393 Delayed Quote.-0.33%
CANADIAN DOLLAR / JAPANESE YEN (CAD/JPY) -0.28% 87.168 Delayed Quote.8.49%
CANADIAN DOLLAR / SWISS FRANC (CAD/CHF) -0.12% 0.72334 Delayed Quote.4.61%
DJ INDUSTRIAL -0.28% 34838.16 Delayed Quote.14.14%
EURO / CANADIAN DOLLAR (EUR/CAD) 0.14% 1.48615 Delayed Quote.-4.78%
NEW ZEALAND DOLLAR / CANADIAN DOLLAR (NZD/CAD) 0.50% 0.87768 Delayed Quote.-4.81%
US DOLLAR / CANADIAN DOLLAR (USD/CAD) 0.15% 1.2516 Delayed Quote.-2.04%
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