ICE canola weakens with soybeans

By Phil Franz-Warkentin, Commodity News Service Canada

WINNIPEG, Sep. 11 (CNS Canada) – ICE Futures canola contracts were weaker at midday Tuesday, taking some direction from the Chicago Board of Trade soy complex.

The ongoing trade dispute between China and the United States accounted for some of the weakness in soybeans. The U.S. Department of Agriculture releases updated production estimates on Wednesday. Expectations for an upward revision to average U.S. soybean yields also weighed on prices, which spilled into the Canadian canola market.

Seasonal harvest pressure added to the softer tone in canola. The Manitoba canola harvest was 80 per cent complete in the latest provincial report, although yields were wide-ranging across the province due to spotty rainfall during the growing season.

Canola was testing chart support, dipping below C$495 per tonne in the November contract.

About 3,500 canola contracts traded as of 10:48 CDT.

Commodity Future Prices

Canola
updated 2018-09-11 10:50
Price Change
Nov494.1-2.60
Jan500.4-2.50
Mar505.9-2.40
May510.7-1.40

Prices are in Canadian dollars per metric ton

COPA Medallion COPA finalist in 2012, 2014 and 2015.
©2018 AGCanada is a production of Glacier FarmMedia Limited Partnership. Any affiliated or third party content is the property of its respective owner and is used with permission.
Please refer to Copyright Page for details.
Click here to view our Website Terms of Use.