By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Oct. 11 (MarketsFarm) – The ICE Futures canola market was weaker Tuesday morning as activity resumed following the Thanksgiving weekend. The canola market was closed Monday while the United States grains and oilseeds traded their usual hours.
Losses in Chicago soyoil accounted for some spillover selling pressure in canola, with European rapeseed and Malaysian palm oil also weaker.
Seasonal harvest pressure added to the declines in the Canadian oilseed, as farmer deliveries into the commercial pipeline have picked up over the past few weeks. However, end user demand on the other side is also strong, with solid exports in the latest weekly report.
Early weakness in the Canadian dollar also provided some support for canola.
About 17,700 canola contracts had traded as of 9:03 CDT.
Prices in Canadian dollars per metric ton at 9:03 CDT:
Canola Nov 860.80 dn 7.80
Jan 868.50 dn 8.10
Mar 875.30 dn 8.30
May 876.00 dn 9.60
