By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Oct. 3 (MarketsFarm) – The ICE Futures canola market was holding within a dollar of unchanged Monday morning as activity resumed following the long weekend. The canola market was closed Friday for the National Day for Truth and Reconciliation.
The Chicago soy complex moved lower on Friday when the canola market was closed but was showing some firmness Monday which provided some underlying support for the Canadian oilseed.
Malaysian palm oil futures were also higher in overnight activity, although European rapeseed futures moved lower.
Ideas that canola production failed to live up to earlier projections, as the harvest wraps up and anecdotal yield reports come in, were somewhat supportive with farmer deliveries on the light side and end user demand thought to be rising.
About 9,000 canola contracts had traded as of 8:47 CDT.
Prices in Canadian dollars per metric ton at 8:47 CDT:
Canola Nov 851.50 dn 0.50
Jan 859.80 dn 0.40
Mar 866.90 dn 0.30
May 868.50 dn 0.80
