ICE Canada Morning Comment: Canola Weaker Due to Comparable Oils

WINNIPEG, Manitoba--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 Tuesday morning with the loonie at 73.26 U.S. cents compared with Monday's close of 73.48.

About 17,350 contracts were traded by 9:36 a.m. ET and prices in Canadian dollars per metric tonne were:

Canola 
    Price  Change 
Nov 623.00 dn 4.50 
Jan 634.60 dn 5.20 
Mar 646.50 dn 4.20 
May 654.10 dn 3.70 

Source: Commodity News Service Canada, news@marketsfarm.com

(END) Dow Jones Newswires

October 08, 2024 10:02 ET (14:02 GMT)

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