By Terryn Shiells, Commodity News Service Canada
Winnipeg, Nov 4 – Canola contracts on the ICE Futures Canada platform were weaker Tuesday morning, following the losses seen in the Chicago soy complex, analysts said.
Some spillover pressure also came from the weakness in European rapeseed futures overnight.
Continued profit taking on last week’s rally added to the bearish tone, as did a pickup in farmer selling in Western Canada.
Good harvest weather in the US Midwest this week and improving planting conditions in South America further undermined values.
However, the Canadian currency was sharply lower Tuesday morning, dropping below 88 cents US, which was supportive. The weaker Canadian currency makes canola more attractive to crushers and exporters.
Strength in Malaysian palm oil futures overnight was also underpinning the canola market.
As of 8:47 CST, about 6,450 contracts had traded.
Milling wheat, durum and barley futures were untraded following price revisions after Monday’s close.
Prices in Canadian dollars per metric ton at 8:47 CST:
