By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Sep. 7 – (MarketsFarm) – The ICE Futures canola market was weaker at midday Wednesday, retreating from early gains as the initial buying interest faded.
While Chicago soybeans were higher on the day, soyoil was lower which weighed on the canola market. Seasonal harvest pressure and relatively favourable Prairie weather added to the softer tone, according to participants.
Bearish chart signals were another factor, as the November contract failed to hold above the psychological C$800 per tonne level.
Tight old crop canola supplies were confirmed by Statistics Canada in a report out Wednesday morning, with 875,000 tonnes of carryout as of July 31, 2022, roughly half of what was on hand at the end of the previous crop year.
About 28,000 canola contracts traded as of 10:48 CDT.
Prices in Canadian dollars per metric tonne at 10:48 CDT:
Canola Nov 795.70 dn 2.90
Jan 803.10 dn 3.30
Mar 809.00 dn 2.40
May 811.00 dn 1.90
