By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Nov. 22 (MarketsFarm) – The ICE Futures canola market was seeing some choppy activity on Wednesday, with an attempt at moving higher running into resistance as the oilseed took direction from losses in Chicago soybeans and soyoil.
Markets in the United States will be closed Thursday for Thanksgiving and will be open for reduced hours on Friday, while the canola market will trade as normal. Positioning ahead of the U.S. holiday was a feature, with the possibility of more volatility in canola amid the lack of liquidity.
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The January canola contract was flirting with the 50-day moving average at midday, after starting the session well above that key technical mark. A trader noted that a close above that level would be supportive from a chart standpoint.
A lack of farmer selling pressure helped temper the declines, with a weaker tone in the Canadian dollar also underpinning the futures.
An estimated 23,700 canola contracts traded as of 10:40 CST.
Prices in Canadian dollars per metric tonne at 10:40 CST:
Canola Jan 717.80 dn 3.40
Mar 723.20 dn 2.10
May 727.30 dn 2.60
Jul 730.10 dn 3.30
