By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Aug. 18 (MarketsFarm) – ICE Futures canola contracts were weaker Thursday morning, testing major chart support as losses in outside markets spilled over to weigh on values.
The November contract dipped below the psychological C$800 per tonne level in overnight activity although some bargain-hunting was coming forward at the lows.
Chicago soyoil, European rapeseed and Malaysian palm oil futures were all weaker despite a firmer tone in crude oil.
Relatively favourable Prairie crop conditions were also bearish. However, development remains behind normal in many areas.
About 6,500 canola contracts had traded as of 8:42 CDT.
Prices in Canadian dollars per metric ton at 8:42 CDT:
Canola Nov 797.10 dn 18.50
Jan 806.60 dn 17.80
Mar 813.70 dn 17.50
May 818.50 dn 16.50
