By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Sept. 30 (MarketsFarm) – The ICE Futures canola market was weaker Wednesday morning, testing nearby chart support as activity in outside markets weighed on values.
Chicago Board of Trade soyoil futures were lower in early activity, with Malaysian palm oil also down overnight.
Seasonal harvest pressure contributed to the losses, with forecasts calling for relatively dry weather in Alberta and Saskatchewan.
On the other side, CBOT soybeans were holding steady, while European rapeseed was showing some firmness.
The United States Department of Agriculture releases its quarterly stocks report at 11:00 CDT, and any surprises in the data could sway the markets by the close.
About 4,000 canola contracts had traded as of 8:47 CDT.
Prices in Canadian dollars per metric ton at 8:47 CDT:
Canola Nov 510.50 dn 1.50
Jan 517.90 dn 1.40
Mar 524.80 dn 1.30
May 529.10 dn 1.50