WINNIPEG, Manitoba--The ICE Futures canola market was weaker at midday Tuesday, with speculative selling a feature as activity resumed after the Canadian Thanksgiving weekend.

The Chicago soy complex was down sharply on Monday when the canola market was closed. Soybeans remained pointed lower on Tuesday, although a modest recovery in soyoil helped temper the declines in canola.

"Canola doesn't have a canola problem, canola has a soybean problem," an analyst said, noting that the advancing soybean harvest in the U.S. and improving Brazilian crop prospects were weighing on soybeans.

Losses in crude oil were another bearish influence on Tuesday, although the resulting weakness in the Canadian dollar provided some support.

The November contract neared major technical support around C$600 per metric ton, but managed to hold above that chart point with bargain hunting thought to be coming forward at the lows.

An estimated 48,500 canola contracts traded as of 11:35 a.m EDT.


Prices in Canadian dollars per metric ton at 11:35 a.m. EDT: 


 
           Price      Change 
Nov       603.70    dn 10.70 
Jan       614.80    dn 12.00 
Mar       627.00    dn 11.40 
May       636.70     dn 9.90

Source: Commodity News Service Canada, news@marketsfarm.com


(END) Dow Jones Newswires

10-15-24 1211ET