By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Nov. 14 (CNS Canada) – ICE Futures Canada canola contracts were weaker Tuesday morning, as the market played ‘catch-up’ with U.S. soybeans.
Chicago Board of Trade soybeans were lower on Monday while the Canadian market was closed for Remembrance Day, which left room to the downside in the canola futures on Tuesday.
Relatively favourable South American production prospects and talk that India may be considering tariffs on vegetable oil imports also weighed on the oilseeds, including canola.
However, soybeans were showing some stability in early activity, limiting the downward pressure of yesterday’s losses on canola, according to participants.
Solid end user demand also kept canola well supported, as both exporters and domestic crushers continue to operate at close to full capacity.
About 3,000 canola contracts had traded as of 8:55 CST.
