By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Sept. 13 (MarketsFarm) – The ICE Futures canola market was weaker at midday Wednesday, posting losses for the seventh-straight session as bearish technical signals and seasonal harvest pressure weighed on values.
The nearby November contract fell below former chart-support at C$769 per tonne on Tuesday, encouraging additional speculative selling.
Chicago soybeans were also weaker at midday, but soyoil, European rapeseed and Malaysian palm oil were all higher which helped keep canola see a modest recovery off its session lows.
Statistics Canada is set to release updated production estimates on Thursday. The government agency pegged the crop at 17.6 million tonnes in its August report, which compares with the year-ago level of 18.7 million tonnes.
About 28,600 canola contracts traded as of 10:51 CDT.
Prices in Canadian dollars per metric tonne at 10:51 CDT:
Canola Nov 749.80 dn 2.50
Jan 758.80 dn 2.30
Mar 765.00 dn 1.70
May 768.10 dn 2.20
