By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Oct. 13 (CNS Canada) – ICE Futures canola contracts were posting large losses at midday Tuesday, as the Canadian oilseed adjusted itself relative to the Chicago Board of Trade soy complex.
While soybeans and soyoil were both posting gains on Tuesday, the U.S. futures had posted sharp losses on Monday when Canadian markets were closed for Thanksgiving.
A firm tone in the Canadian dollar and ideas canola was looking overdone to the upside from a chart perspective added to the selling pressure.
However, a slowdown in farmer selling as harvest operations wrap up across the Prairies provided some underlying support.
Solid end-user demand on a scale-down basis also helped temper the declines.
About 24,500 canola contracts traded as of 10:55 CDT.
Prices in Canadian dollars per metric tonne at 10:55 CDT:
Price Change
Canola Nov 521.60 dn 5.70
Jan 528.70 dn 5.70
Mar 534.60 dn 5.70
May 540.00 dn 3.60
