By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Nov. 6 (MarketsFarm) – The ICE Futures canola market was posting small losses in most months at midday Friday, seeing some consolidation ahead of the weekend after posting sharp gains in recent days.
The January contract briefly touched a session high of C$552.60 in early trade, which was only 30 cents off the contract high hit in late October. However, resistance held at that level and prices drifted below unchanged.
A mixed tone in the Chicago Board of Trade soy complex provided little direction, while strength in the Canadian dollar put some pressure on values.
Export demand remains solid, with weekly exports of 364,100 tonnes taking the 2020/21 year-to-date total to just over 3.1 million tonnes, according to Canadian Grain Commission data. That’s about a million tonnes ahead of what moved during the same timeframe the previous year.
About 9,500 canola contracts traded as of 10:28 CST.
Prices in Canadian dollars per metric tonne at 10:28 CST:
Price Change
Canola Jan 549.10 dn 1.30
Mar 552.80 dn 1.70
May 551.90 dn 1.00
Jul 551.10 dn 0.10
