By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Oct. 12 (MarketsFarm) The ICE Futures canola market was weaker at midday Tuesday, posting sharp losses in sympathy with the Chicago Board of Trade soy complex.
Soybeans and soyoil both moved lower on Monday when Canadian markets were closed for Thanksgiving and remained pointed lower on Tuesday.
Malaysian palm oil and European rapeseed futures were also weaker in overnight activity.
Overbought price sentiment and the firm Canadian dollar, which was holding above 80 U.S. cents, contributed to the selling pressure in canola, according to participants.
However, tight supplies and the need to ration demand remained supportive on the other side.
The U.S. Department of Agriculture releases its monthly supply/demand report at 11:00 CDT, with any surprises in the data likely to dictate where the futures end up by the close.
About 14,700 canola contracts traded as of 10:19 CDT.
Prices in Canadian dollars per metric tonne at 10:19 CDT:
Canola Nov 909.40 dn 17.50
Jan 897.70 dn 18.00
Mar 884.10 dn 18.40
May 860.60 dn 21.00