WINNIPEG, Oct. 7 (MarketsFarm) – The ICE Futures canola market was posting small losses in the most active months at midday Thursday, with chart-based positioning a feature as values consolidate under nearby resistance.
“There’s a little bit of profit-taking and long liquidation in the November (contract) today,” said a Winnipeg-based trader. He added that a firmer tone in the Canadian dollar was also weighing on values.
However, gains in Chicago Board of Trade soyoil and soybeans provided some support, as the United States futures were underpinned by solid exports.
The U.S. Department of Agriculture releases updated supply/demand estimates on Friday, and traders adjusting positions ahead of the report accounted for some of the activity.
About 9,800 canola contracts traded as of 10:34 CDT.
Prices in Canadian dollars per metric tonne at 10:34 CDT:
Price Change
Canola Nov 524.70 dn 0.70
Jan 531.50 dn 0.50
Mar 537.90 dn 0.30
May 540.40 up 0.40
