By Phil Franz-Warkentin
Glacier FarmMedia MarketsFarm – The ICE Futures canola market bounced around both sides of unchanged Tuesday morning, although the bias turned higher in choppy trade.
Losses in Chicago soyoil and Malaysian palm oil futures accounted for some spillover selling pressure in the Canadian oilseed. However, soyoil moved off its lows and gains in soybeans and European rapeseed provided support.
A weaker tone in the Canadian dollar and ideas recent losses were overdone also underpinned the futures.
Statistics Canada’s upward revision to the country’s canola production on Monday continued to overhang the market. The government agency pegged the crop at 18.3 million tonnes, which was up by nearly a million tonnes from the September estimate and above average trade guesses, but still down slightly on the year.
About 11,400 canola contracts had traded as of 8:47 CST.
Prices in Canadian dollars per metric ton at 8:47 CST:
Canola Jan 678.50 up 1.40
Mar 684.70 up 0.70
May 692.40 up 0.70
Jul 698.20 up 0.40
