By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Oct. 26 (MarketsFarm) – The ICE Futures canola market was posting losses in the most active contracts at midday Monday, seeing some consolidation just below their recently-hit multi-year highs.
Chart-based selling was a feature, amid ideas canola was looking overbought from a technical standpoint.
Losses in Chicago Board of Trade soybeans and ample supplies in the commercial pipeline contributed to the declines.
However, gains in CBOT soyoil and a softer tone in the Canadian dollar provided underlying support.
A lack of significant farmer selling pressure, as harvest operations have wrapped up across the Prairies, also helped temper the declines.
About 14,300 canola contracts traded as of 10:33 CDT.
Prices in Canadian dollars per metric tonne at 10:33 CDT:
Canola Nov 545.30 dn 4.70
Jan 549.70 dn 1.30
Mar 552.90 unchanged
May 547.50 dn 1.30
Futures Prices as of October 26, 2020
Prices are in Canadian dollars per metric ton