By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Nov. 7 (MarketsFarm) – The ICE Futures canola market was lower Tuesday morning, backing away from overnight gains in choppy activity.
A mixed tone in the Chicago soy complex kept some caution in the canola market, as traders on both sides of the border await the United States Department of Agriculture’s monthly supply/demand report out on Wednesday.
From a chart standpoint, the January canola contract has traded above C$900 per tonne in each of the past three sessions but has consistently run into resistance above that level to settle off its highs.
Solid crush margins remained supportive, while a slowdown in farmer selling also underpinned the futures.
About 7,800 canola contracts had traded as of 8:49 CST.
Prices in Canadian dollars per metric ton at 8:49 CST:
Canola Jan 895.90 dn 0.60
Mar 890.00 dn 4.00
May 890.80 dn 5.00
Jul 891.50 dn 4.60
