By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Sep. 6 – (MarketsFarm) – The ICE Futures canola market was weaker at midday Tuesday, as activity resumed following the Labour Day long weekend.
Sharp losses in outside markets, including Chicago soyoil and European rapeseed, contributed to the selling in canola. Seasonal harvest pressure was another bearish influence, with weather forecasts looking relatively favourable across most of the Prairies over the next week.
A move below the psychological C$800 per tonne level in the November contract was also bearish from a technical standpoint, encouraging some additional chart-based selling.
Australia’s canola crop was forecast at 6.6 million tonnes by the country’s agriculture department, ABARES. If realized, that would mark the second-largest canola production on record and only two per cent behind what was grown in 2021/22.
About 23,600 canola contracts traded as of 10:46 CDT.
Prices in Canadian dollars per metric tonne at 10:46 CDT:
Canola Nov 795.30 dn 21.80
Jan 802.60 dn 21.90
Mar 807.00 dn 23.10
May 808.70 dn 22.90
