WINNIPEG, Manitoba--ICE Futures canola contracts were weaker at midday Tuesday, backing away from the contract highs hit Monday.
The November contract was down by C$7.80 per tonne at C$802.40 at midday. Chart support was holding at C$800 per tonne.
Losses in Chicago soybeans and soyoil accounted for some spillover selling pressure in the Canadian oilseed. European rapeseed and Malaysian palm oil were also lower.
However, the escalating Mideast conflict kept crude oil pointing higher, lending support to the vegetable oil markets - including canola.
The need to keep a weather premium in the market also tempered the declines, as hot temperatures remain in the forecast for much of the Prairies for the next week.
