By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Sept. 11 (MarketsFarm) -The ICE Futures canola market was weaker at midday Monday, as bearish technical signals kept speculators on the sell side of the market.
The most-active November contract was nearing chart support around C$760 per tonne, after losing roughly C$40 over the past week.
Seasonal harvest pressure contributed to the declines, with relatively favourable weather conditions in the forecast for most of the Prairies.
Losses in European rapeseed and Malaysian palm oil futures were also bearish for the Canadian oilseed, although the Chicago soy complex was mostly higher at midday.
Positioning ahead of a pair of reports out later in the week kept some caution in the market, with the United States Department of Agriculture set to release their monthly supply/demand estimates on Tuesday followed by Statistics Canada’s updated production numbers on Thursday.
About 22,900 canola contracts traded as of 10:36 CDT.
Prices in Canadian dollars per metric tonne at 10:36 CDT:
Canola Nov 769.30 dn 10.80
Jan 777.20 dn 10.80
Mar 782.20 dn 9.40
May 784.10 dn 7.80
