By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Sept. 25 (MarketsFarm) – The ICE Futures canola market was weaker Monday morning, as an early attempt at correcting higher ran out of steam and the futures continued their downtrend.
Losses in Chicago soyoil accounted for some spillover selling in the Canadian oilseed, with seasonal harvest pressure another bearish influence. European rapeseed was also softer on the day, although Malaysian palm oil was slightly higher.
Weather conditions remain relatively warm and dry across the Prairies with no significant rain in the forecasts until later in the week, which should allow farmers to continue making good harvest progress.
About 16,900 canola contracts had traded as of 8:54 CDT.
Prices in Canadian dollars per metric ton at 8:54 CDT:
Canola Nov 717.40 dn 4.60
Jan 727.10 dn 4.70
Mar 733.30 dn 5.20
May 737.80 dn 6.60
