By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Oct. 17 (MarketsFarm) – The ICE Futures canola market was trading to both sides of unchanged Tuesday morning, with the bias to the downside as the futures saw some consolidation after posting gains the previous three sessions.
Losses in Chicago soyoil and European rapeseed futures accounted for some spillover selling pressure in the Canadian oilseed, although soybeans were higher in early trade.
The Canadian dollar was weaker Tuesday morning, underpinning domestic crush margins and makes exports more attractive to international buyers.
A slowdown in seasonal harvest pressure provided some support as well, with most of the canola crop off the fields across Western Canada.
About 8,600 canola contracts had traded as of 8:47 CDT.
Prices in Canadian dollars per metric ton at 8:47 CDT:
Canola Nov 723.00 dn 0.20
Jan 726.60 dn 0.60
Mar 731.90 dn 0.70
May 734.50 dn 1.50
