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ICE Canola Follows U.S. Soy Complex Lower

Winnipeg, MB, November 14, 2017 (CNS Canada), Nov 14, 2017 (Commodity News Service Canada, Inc. via COMTEX) --

WINNIPEG, MB, November 14, 2017 (CNS) - Canola contracts on the ICE Futures Canada platform were slightly lower at 10:38 CST on Tuesday, tracking losses in the US soy complex. Canola was also catching up to a drop in soyoil futures on Monday, when the Canadian market was closed.

There are ideas India is planning to slap tariffs on imports of vegetable oil, which undermined values.

Canola is vulnerable to fund selling, according to a trader.

"If we grind lower the funds may say, 'Oh we made a mistake,' let's liquidate," he explained.

However, the Canadian dollar was slightly weaker relative to its U.S. counterpart, which was supportive for canola.

Commercials are still buying these days, which underpinned values.

About 7,400 canola contracts had traded as of 10:38 CST.

Prices in Canadian dollars per metric ton at 10:38 CST:

                          Price      Change
Canola            Jan     512.60    dn  2.50
                  Mar     519.70    dn  2.10
                  May     525.30    dn  0.30

Dave Sims, Commodity News Service Canada

Copyright 2017 Commodity News Service Canada, Inc.

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