By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Sept. 16 (MarketsFarm) – The ICE Futures canola market was weaker Friday morning, although activity was choppy as traders adjusted positions ahead of the weekend.
Seasonal harvest pressure remained a bearish influence, with chart signals also pointed lower for canola. Losses in European rapeseed and Malaysian palm oil futures also spilled over to weigh on the Canadian oilseed.
Chicago Board of Trade soyoil was still holding onto small gains, providing some support, but was well off its overnight highs as the North American session got underway.
Weakness in the Canadian dollar provided some support. The currency has lost nearly two cents relative to its United States counterpart over the past week, boosting crush margins and making exports more attractive to international buyers.
About 8,500 canola contracts had traded as of 8:42 CDT.
Prices in Canadian dollars per metric ton at 8:42 CDT:
Canola Nov 785.00 dn 3.40
Jan 792.40 dn 4.00
Mar 798.60 dn 4.60
May 800.30 dn 4.30
