ICE Canola Mostly Lower Tracking Soyoil
By Dave Sims, Commodity News Service Canada
WINNIPEG, November 2 – ICE Canada canola contracts were mostly lower Monday morning, feeling pressure from losses in US soyoil and Malaysian palm oil.
Weakness in crude oil was also bearish for the market.
Wet weather in parts of Brazil continues to drag on values as the moisture aids the soybean crop down there, according to a report.
Most analysts expect the next crop report to show larger stocks of canola in Canada than previously reported.
However, soybeans were firmer which helped to limit the losses.
The Canadian dollar was slightly lower versus its US counterpart which made canola more attractive to out-of-country buyers.
Chinese buying is helping to underpin the market, an analyst said.
About 2,700 canola contracts had traded as of 8:45 CST.
Milling wheat, durum, and barley futures were all untraded and unchanged.
Prices in Canadian dollars per metric ton at 8:45 CST:
