ICE Canola Weakens With Soy Complex Ahead of EPA
December 07 2021 - 12:47PM
Dow Jones News
WINNIPEG, Manitoba--The ICE Futures canola market was weaker at
midday Tuesday, taking some direction from the Chicago Board of
Trade soy complex.
Positioning ahead of updated renewable fuel blending
requirements from the United States Environmental Protection Agency
(EPA) accounted for much of the activity, according to a trader. He
said investors were liquidating long positions and booking profits
in case an EPA announcement generates any shocks in the vegetable
oil markets.
A lack of significant end user demand also weighed on values,
with exporters said to be covered for the short-term.
The Canadian dollar was sharply stronger at midday, putting
additional pressure on canola.
About 10,000 canola contracts traded as of 11:49 EST.
Prices in Canadian dollars per metric tonne at 11:49 EST:
Price Change
Canola
Jan 1,020.50 dn 6.60
Mar 991.40 dn 6.20
May 956.50 dn 3.10
Jul 907.70 dn 4.10
Source: Commodity News Service Canada
Write to Phil Franz-Warkentin at news@marketsfarm.com
(END) Dow Jones Newswires
December 07, 2021 12:32 ET (17:32 GMT)
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