By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Aug. 27 (MarketsFarm) – ICE Futures canola contracts were weaker at midday Tuesday, as seasonal harvest pressure and losses in Chicago Board of Trade soybeans weighed on values.
Anecdotal yield reports are generally looking a bit better than early expectations, according to a broker. He added that the ongoing trade dispute between Canada and China was also keeping the path of least resistance pointed lower.
Canola was starting to look oversold from a technical standpoint after the November contract moved below C$448 per tonne, according to the trader.
Statistics Canada releases its first survey-based production estimates of the crop year on Wednesday, Aug. 28. Pre-report trade guesses range anywhere from 18.0 million to 20.5 million tonnes, which compares with the 20.3 million tonne crop grown in 2018/19.
About 7,500 canola contracts traded as of 10:45 CDT.
Prices in Canadian dollars per metric tonne at 10:45 CDT:
Price Change
Canola Nov 445.20 dn 3.20
Jan 453.20 dn 3.00
Mar 460.20 dn 3.00
May 467.70 dn 1.90
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