ICE Canada Morning Comment: Canola racking up more losses
Weakness in Chicago, Malaysia applying pressure
ICE Canada Morning Comment: Canola racking up more losses
By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures were falling back Wednesday morning, due to a lack of support from comparable oils.
The Chicago soy complex oil and Malaysian palm oil were lower while European rapeseed chalked up small increases. Growing losses in crude oil pressured the oilseeds.
Despite yesterday’s losses the November canola contract remained above its major support levels, but short of its 200-day moving average.
Favourable weather conditions across most of the Prairies aided the region’s harvest as it moved into its final stages.
Combining in Manitoba advanced 12 points to 85 per cent complete overall as of Oct. 7. The province’s canola harvest progressed 16 points at 94 per cent finished.
The Canadian dollar pulled back on Wednesday morning with the loonie slipping to 73.09 U.S. cents compared to Tuesday’s close of 73.22.
Approximately 15,600 contracts were traded by 8:37 CDT and prices in Canadian dollars per metric tonne were:
Price Change Canola Nov 608.70 dn 7.80 Jan 619.20 dn 8.60 Mar 629.10 dn 9.70 May 636.30 dn 10.00
