ICE Canada Morning Comment: Canola weaker due to comparable oils
November remains above most support levels
By Glen Hallick
Glacier Farm Media MarketsFarm – Intercontinental Exchange canola futures pulled back Tuesday morning, following other comparable oils to the downside.
In a corrective move there were losses in the Chicago soy complex, European rapeseed and Malaysian palm oil. Crude oil as well was lower, adding more pressure on the oilseeds.
Despite the declines, the November canola contract remained above most major support levels but just short of its 200-day moving average.
The Prairies are expected to remain dry with normal to above normal temperatures which will help wrap the harvest.
The Canadian dollar was lower on Tuesday morning with the loonie at 73.26 U.S. cents compared to Monday’s close of 73.48.
Approximately 17,350 contracts were traded by 8:36 CDT and prices in Canadian dollars per metric tonne were:
Price Change Canola Nov 623.00 dn 4.50 Jan 634.60 dn 5.20 Mar 646.50 dn 4.20 May 654.10 dn 3.70
