By Dave Sims, Commodity News Service Canada
WINNIPEG, August 15 (CNS) – Canola contracts on the ICE Futures Canada platform were weaker at 10:30 CDT on Tuesday, following losses in vegetable oil markets.
The front-month November contract broke below major support, which could trigger additional selling moving forward.
Declines in US soybeans were bearish for the market.
Last week’s USDA report that projected a soybean crop of 4.4. billion bushels, continues to undermine oilseed markets.
However, the Canadian dollar was roughly a fifth of a cent lower, compared to its US counterpart, which made canola more enticing on the international market.
Many areas of southern Saskatchewan and Alberta need more rain.
About 5,000 canola contracts had traded as of 10:30 CDT.
Milling wheat, barley and durum were all untraded.
Prices in Canadian dollars per metric ton at 10:30 CDT:
