By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Oct. 12 (MarketsFarm) – The ICE Futures canola market was weaker Tuesday morning, dropping in sympathy with the Chicago Board of Trade soy complex.
Soybeans and soyoil both moved lower on Monday when Canadian markets were closed for Thanksgiving. The United States futures remained pointed lower on Tuesday.
Malaysian palm oil and European rapeseed futures were also weaker in overnight activity.
Overbought price sentiment and the firm Canadian dollar, which was holding above 80 U.S. cents in early activity, contributed to the selling pressure in canola.
However, tight supplies and the need to ration demand remained supportive.
The U.S. Department of Agriculture releases its monthly supply/demand report at 11:00 CDT, with any surprises in the data likely to dictate where the futures end up by the close.
About 6,600 canola contracts had traded as of 9:02 CDT.
Prices in Canadian dollars per metric ton at 9:02 CDT:
Price Change
Canola Nov 915.30 dn 11.60
Jan 904.70 dn 11.00
Mar 890.60 dn 11.90
May 866.70 dn 14.90
