By Dave Sims, Commodity News Service Canada
WINNIPEG, November 14 – Canola contracts on the ICE Futures Canada platform were slightly lower at 10:38 CST on Tuesday, tracking losses in the US soy complex. Canola was also catching up to a drop in soyoil futures on Monday, when the Canadian market was closed.
There are ideas India is planning to slap tariffs on imports of vegetable oil, which undermined values.
Canola is vulnerable to fund selling, according to a trader.
“If we grind lower the funds may say, ‘Oh we made a mistake,’ let’s liquidate,” he explained.
However, the Canadian dollar was slightly weaker relative to its U.S. counterpart, which was supportive for canola.
Commercials are still buying these days, which underpinned values.
About 7,400 canola contracts had traded as of 10:38 CST.
Prices in Canadian dollars per metric ton at 10:38 CST: