By Glen Hallick, MarketsFarm
WINNIPEG, Nov. 26 (MarketsFarm) – Intercontinental Exchange (ICE) futures canola contracts were trading lower Tuesday morning, due to weakness in the Chicago soy complex. In particular, soyoil was down by about a fifth of a United States cent.
The strike at Canadian National Railway entered its eighth day, with little pointing towards a resolution between the Teamsters Canada and CN. There have been reports of rail movement being disrupted and growing pressure on the federal government to intervene. The 3,200 Teamsters at CN have been striking for improved safety conditions and work hours.
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Ahead of U.S. Thanksgiving on Thursday, there is speculation canola could get bounce on Tuesday as trading is expected to become less aggressive ahead of the holiday.
Statistics Canada reported on Monday that October’s canola crush set a new monthly record at 882,301 tonnes. Although the crush margins slipped below C$100 per tonnes, they remain in the high C$90 range.
The Canadian dollar was unchanged this morning at of 75.15 U.S. cents.
About 4,900 canola contracts had traded as of 8:43 CST.
Prices in Canadian dollars per metric ton at 8:43 CST:
Price Change
Canola Jan 457.20 dn 2.20
Mar 466.40 dn 2.30
May 474.40 dn 2.20
Jul 480.20 dn 2.10
