By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Sept. 5 (MarketsFarm) – The ICE Futures canola market was posting small losses Tuesday morning but held well within its established trading range as activity resumed following the Labour Day weekend.
Declines in outside markets, including Chicago soyoil and Malaysian palm oil, accounted for some of the spillover selling in the Canadian oilseed. Seasonal harvest pressure also weighed on values as farmers continue to make progress bringing in their crops.
Australia’s department of agriculture, ABARES, pegged the country’s canola crop at 5.2 million tonnes. That would be up by 300,000 tonnes from an earlier estimate, but still well off the 8.3 million tonnes grown the previous year.
About 9,000 canola contracts had traded as of 8:37 CDT.
Prices in Canadian dollars per metric ton at 8:37 CDT:
Canola Nov 807.30 dn 4.10
Jan 814.20 dn 4.20
Mar 817.50 dn 4.50
May 816.90 dn 5.10
