By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Oct. 28 (MarketsFarm) – The ICE Futures canola market was weaker at midday Friday, but off its session lows as support was uncovered to the downside.
The January contract briefly dipped below the C$860 per tonne level but uncovered some buying interest to move back into its nearly month-long C$860 to C$880 per tonne range.
Losses in Chicago soyoil and soybeans accounted for some spillover selling pressure in the Canadian oilseed, with Malaysian palm oil and European rapeseed futures also down on the day.
Farmers delivered nearly half a million tonnes of canola into the commercial pipeline during the week ended Oct. 23, according to the latest Canadian Grain Commission data. Exports and the domestic crush were both down slightly from the previous week but remained solid overall.
Canola remains attractively priced for end users, with a weaker tone in the Canadian dollar also supportive.
About 14,700 canola contracts traded as of 10:35 CDT.
Prices in Canadian dollars per metric tonne at 10:35 CDT:
Canola Nov 886.00 dn 16.20
Jan 863.50 dn 4.80
Mar 868.50 dn 5.70
May 873.10 dn 5.80
