By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Oct. 10 (MarketsFarm) – The ICE Futures canola market was weaker in heavy trading volumes at midday Tuesday, falling below nearby chart support as activity resumed following the Thanksgiving long weekend.
Canadian markets were closed Monday while grains and oilseeds in the United States traded their usual hours. Chicago soyoil futures were weaker on Monday and remained pointed lower on Tuesday, contributing to the selling pressure in canola.
A move below C$710 per tonne in the November contract was bearish from a technical standpoint, with values nearing the next psychological support at C$700.
A firmer tone in the Canadian dollar also weighed on canola, as the rising currency cuts into crush margins.
An estimated 50,100 canola contracts traded as of 10:48 CDT.
Prices in Canadian dollars per metric tonne at 10:48 CDT:
Canola Nov 702.10 dn 8.50
Jan 706.40 dn 11.10
Mar 713.20 dn 12.20
May 717.10 dn 13.30
