Glacier FarmMedia — ICE canola futures were weaker Tuesday morning, seeing a continuation of last week’s losses as activity resumed following the Labour Day long weekend.
Expectations for a large crop coupled with concerns over Chinese demand continued to overhang the market.
Weakness in Chicago soybeans added to the softer tone in canola, although soyoil was firm in early trade. European rapeseed and Malaysian palm oil were also mostly higher.
The nearby November contract briefly touched the five-month low hit last week of C$621.70 per tonne but uncovered some support to hold above that level in early activity.
About 15,500 canola contracts had traded as of 8:41 CDT.
Prices in Canadian dollars per metric tonne at 8:41 CDT:
Canola Nov 623.80 dn 2.60
Jan 635.30 dn 3.00
Mar 645.50 dn 3.40
May 654.70 dn 4.00
To access the latest futures prices, go to https://www.producer.com/markets-futures-prices/
