By Glen Hallick, MarketsFarm
WINNIPEG, Sept. 12 (MarketsFarm) – Canola futures on the Intercontinental Exchange continued to fall back on Tuesday morning, due to harvest pressure. The nearby November contract punched through its support level of C$760 per tonne.
Favourable weather across the Prairies will help speed along the harvest, although scattered showers have been forecast.
Declines in the Chicago soy complex, European rapeseed and Malaysian palm oil contributed to the losses in canola. However, increases in global crude oil prices were helping to underpin vegetable oil values.
There’s positioning ahead of today’s supply and demand estimates from the United States Department of Agriculture, as well as Thursday’s production update from Statistics Canada.
The Canadian dollar was unchanged on Tuesday morning, with the loonie at 73.63 U.S. cents.
About 8,900 contracts had traded as of 8:36 CDT.
Prices in Canadian dollars per metric tonne at 8:36 CDT:
Price Change Canola Nov 754.70 dn 12.90 Jan 763.30 dn 12.80 Mar 766.90 dn 13.70 May 768.80 dn 13.60
