By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Oct. 19 (MarketsFarm) – The ICE Futures canola market was trading to both sides of unchanged Monday morning in thin and choppy activity, although the bias was turning to the downside.
Losses in Chicago Board of Trade soyoil and a firmer tone in the Canadian dollar accounted for some of the early weakness in canola, as crush margins deteriorated.
Malaysian palm oil hit two week lows overnight, amid declining demand from India.
Ample supplies in the commercial pipeline also weighed on canola values, although demand remains solid from both exporters and domestic crushers. Farmer deliveries are also slowing down, with harvest operations complete across most of the Prairies.
About 4,600 canola contracts had traded as of 8:51 CDT.
Prices in Canadian dollars per metric ton at 8:51 CDT:
Price Change
Canola Nov 525.90 dn 1.10
Jan 533.20 dn 0.70
Mar 539.40 dn 0.80
May 541.00 dn 0.80
