By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Oct. 24 (CNS Canada) – ICE Futures Canada canola contracts were posting small losses in most months Tuesday morning in relatively thin and choppy activity.
Declines in Chicago Board of Trade soybeans and soyoil accounted for some spillover selling pressure in canola. Malaysian palm oil and European rapeseed futures were also lower in overnight activity.
While seasonal harvest pressure is dying down for the most part, ample nearby supplies were another bearish influence.
However, the nearby technical trends remain pointed higher, providing some underlying support. Continued weakness in the Canadian dollar, after it fell sharply last Friday, also helped underpin the futures.
About 7,000 canola contracts had traded as of 9:00 CDT.
Milling wheat, durum, and barley futures were all untraded.
