By Dave Sims, Commodity News Service Canada
WINNIPEG, October 24 – Canola contracts on the ICE Futures Canada platform were weaker at 10:37 CDT on Tuesday, tracking losses in the U.S. soy complex.
Weather conditions for the soybean crop in South America are improving, which was bearish for values.
Canola has run into some technical resistance and the vast majority of November contracts are being traded in spreads, according to a trader in Winnipeg.
Declines in Malaysian palm oil undermined the market.
However, the Canadian dollar is on the weaker side relative to its U.S. counterpart, which helped prop up canola contracts.
Slow farmer selling was supportive.
About 18,000 canola contracts had traded as of 10:37 CDT.
Milling wheat, barley and durum were all untraded.
Prices in Canadian dollars per metric ton at 10:37 CDT:
