By Dave Sims, Commodity News Service Canada
WINNIPEG, September 1 – Canola contracts on the ICE Futures Canada platform were weaker at 10:50 CDT Tuesday, following losses in the US soy complex.
“Canola is tending to follow the US markets, just meandering back and forth, not a lot of drivers in the markets right now,” an analyst said.
European rapeseed futures were also lower which pressured canola. Vegetable oil markets have been on a general downtrend for a while now which has hurt domestic crush margins, according to a report.
Read Also
Canadian Financial Close: More losses for loonie
By Glen Hallick Glacier Farm Media | MarketsFarm – The Canadian dollar slipped below 72 U.S. cents on Thursday, as…
The long-term technical trend lies to the downside and outside financial markets are a sea of volatility, which cast resistance over canola.
However, the Canadian dollar was lower relative to its US counterpart which made canola more attractive on the international market.
Malaysian palm oil was higher which helped underpin the market.
Some recent wet weather in parts of the Prairies also kept a weather premium in the market.
Investors are also waiting to see Statistic Canada’s ending stocks Report which is due out Thursday.
Around 14,000 contracts had traded as of 10:50 CDT, Tuesday.
Milling wheat, barley and durum were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 10:50 CDT:
Price Change
Canola Nov 469.70 dn 5.00
Jan 474.80 dn 5.00
Mar 479.00 dn 5.30
Dec 226.00 unch
Durum Oct 335.00 unch
Dec 335.00 unch
Barley Oct 191.90 unch
Dec 191.90 unch
