ICE Canola Futures Start Lower After Long Weekend

WINNIPEG, Manitoba--The ICE Futures canola market was weaker Tuesday morning, dropping in sympathy with the Chicago Board of Trade soy complex.

Soybeans and soyoil both moved lower on Monday when Canadian markets were closed for Thanksgiving. U.S. futures remained pointed lower on Tuesday. Malaysian palm oil and European rapeseed futures were also weaker in overnight activity.

Overbought price sentiment and the firm Canadian dollar, which was holding above 80 U.S. cents in early activity, contributed to the selling pressure in canola.

However, tight supplies and the need to ration demand remained supportive.

The U.S. Department of Agriculture releases its monthly supply/demand report at 12:00 EDT, with any surprises in the data likely to dictate where the futures end up by the close.

About 6,600 canola contracts had traded as of 10:02 EDT.

Prices in Canadian dollars per metric ton at 10:02 EDT:

                           Price      Change
Canola            Nov     915.30     dn 11.60
                  Jan     904.70     dn 11.00
                  Mar     890.60     dn 11.90
                  May     866.70     dn 14.90

Source: Commodity News Service Canada,

  (END) Dow Jones Newswires
  10-12-21 1027ET
  Copyright (c) 2021 Dow Jones & Company, Inc.

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