ICE Close: Ample Commercial Supplies Pressure

Canola futures were slightly weaker on Thursday, giving back some gains from earlier in the week.

Ample canola supplies in commercial pipelines kept pressure on prices. According to recent data from the Canadian Grain Commission (CGC), visible supplies were around 1.7 million tonnes as of Oct. 11. Canola prices were also weighed down by losses in comparable vegetable oils. Nearby Chicago soyoil contracts were down by about seven tenths of a cent.

Weakness in the Canadian dollar limited the downside for canola.

Trade activity was concentrated in front months, as speculative buyers positioned ahead of the November contract’s expiry.

November canola slipped 80 cents to $525.40, January was down 30 cents at $533.10 and March lost 40 cents to $539.30.

Source: DePutter Publishing Ltd.

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