By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Oct. 11 – (MarketsFarm) – ICE Futures canola contracts were weaker at midday Tuesday, but well off their session lows as activity resumed following the long weekend. Canadian markets were closed Monday for Thanksgiving while grains and oilseeds in the United States traded their usual hours.
Losses in Chicago soyoil accounted for some spillover selling in canola, with European rapeseed also weaker. However, soybeans moved higher and soyoil recovered off its session lows.
Seasonal harvest pressure added to the declines in the Canadian oilseed, as farmer deliveries into the commercial pipeline have picked up over the past few weeks. However, end user demand on the other side is also strong, with solid exports in the latest weekly report.
About 25,800 canola contracts traded as of 10:24 CDT.
Prices in Canadian dollars per metric tonne at 10:24 CDT:
Canola Nov 861.60 dn 7.00
Jan 870.00 dn 6.60
Mar 877.00 dn 6.60
May 878.00 dn 7.60
