By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Aug. 16 (MarketsFarm) – The ICE Futures canola market was weaker Tuesday morning, seeing a continuation of Monday’s downturn.
Losses in European rapeseed and Chicago soyoil accounted for some spillover selling pressure, but Malaysian palm oil was slightly firmer.
Manitoba and eastern Saskatchewan saw widespread rains on Monday while heat warnings are in place for Alberta. Crop conditions remain relatively favourable, although enough areas of concern persist to keep some caution in the futures.
The Canadian dollar was showing some stability after falling sharply relative to its United States counterpart on Monday.
About 4,500 canola contracts had traded as of 8:45 CDT.
Prices in Canadian dollars per metric ton at 8:45 CDT:
Canola Nov 820.40 dn 16.00
Jan 829.30 dn 16.10
Mar 834.80 dn 17.10
May 836.90 dn 17.30
