By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Oct. 1 (MarketsFarm) – The ICE Futures canola market was posting small losses in the most active contracts Thursday morning, seeing a correction after Wednesday’s rally.
Early declines in Chicago Board of Trade soyoil and a firmer tone in the Canadian dollar also weighed on values, causing crush margins to soften.
Seasonal harvest pressure was another feature, with relatively favourable weather allowing for good progress across most of the Prairies.
However, Wednesday’s rally was constructive from a chart standpoint, providing some underlying support.
About 6,700 canola contracts had traded as of 8:46 CDT.
Prices in Canadian dollars per metric ton at 8:46 CDT:
Price Change
Canola Nov 520.30 dn 0.10
Jan 527.90 dn 0.20
Mar 534.30 dn 0.90
May 537.10 dn 1.40
