By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Nov. 25 (MarketsFarm) – ICE Futures canola contracts were weaker Monday morning, as losses in Chicago Board of Trade soyoil and the ongoing Canadian National Railway strike weighed on prices.
“We’re a week in, and it’s not looking like the strike will end anytime soon,” said a trader on the ongoing labour dispute at CN Rail hampering grain movement across the Prairies.
Soyoil futures dropped to their lowest levels in the past month, as Malaysian palm oil backed away from its two-year highs in overnight activity.
Chart support was holding to the downside in canola at midday, according to the trader.
A softer tone in the Canadian dollar also helped underpin the market.
About 10,500 canola contracts traded as of 10:30 CST.
Prices in Canadian dollars per metric tonne at 10:30 CST:
Price Change
Canola Jan 460.60 dn 3.70
Mar 470.00 dn 3.40
May 478.00 dn 3.10
Jul 484.50 dn 2.90
