WINNIPEG – The ICE Futures canola market showed weakness in the middle of trading on Tuesday, with the November and January contracts briefly falling below the C$800 per tonne mark.
Chicago soyoil and Malaysian palm oil were down, while European rapeseed was mostly lower. Crude oil made gains due to tightening supply and China’s planned measures to boost its economy.
One analyst said that spillover from declining soybean and vegetable oil prices, as well as selling action contributed to canola’s decline. Also, rains fell across much of the Prairies early Tuesday.
The Canadian dollar was up more than one-tenth of a U.S. cent compared to Monday’s close.
Nearly 22,050 canola contracts were traded as of 10:17 CDT.
Price Change
Nov 820.30 dn 9.70
Jan 823.00 dn 8.60
Mar 820.00 dn 10.40
May 812.50 dn 10.00
