WINNIPEG, Manitoba--The ICE Futures canola market posted small losses Tuesday, backing off the contract highs hit Monday.
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 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. Hot temperatures remain in the forecast for much of the Prairies for the next week.
The November canola contract was down C$7.00 at C$803.20 per metric ton. The contract briefly dipped below C$800 per ton, but uncovered support at that former psychological resistance level.
