Glacier FarmMedia — ICE canola futures were weaker Thursday morning, seeing a continuation of Wednesday’s selloff to post fresh five-month lows.
Seasonal harvest pressure amid a lack of significant weather concerns contributed to the softer tone. Manitoba Agriculture reported 10 per cent of the province’s canola was harvested as of Sept. 3, with average yields ranging from 45 to 60 bushels per acre.
Losses in outside markets contributed to the softer tone in canola, with Chicago soyoil, European rapeseed and Malaysian palm oil all lower.
Oversold price sentiment and bargain hunting at the lows provided some support.
About 15,500 canola contracts had traded as of 8:34 CDT.
Prices in Canadian dollars per metric tonne at 8:34 CDT:
Canola Nov 610.50 dn 6.40
Jan 622.20 dn 6.20
Mar 632.70 dn 6.50
May 642.20 dn 6.80
