ICE canola continues lower

By Phil Franz-Warkentin, Commodity News Service Canada

WINNIPEG, Nov. 10 (CNS Canada) – ICE Futures Canada canola contracts were weaker Friday morning, seeing some follow-through selling after Thursday’s declines.

A bearish reaction to yesterday’s U.S. Department of Agriculture’s monthly supply/demand report sent both Chicago Board of Trade soybeans and the Canadian canola futures lower. While soybeans were seeing some consolidation Friday morning, soyoil was still pointed down.

Thursday’s losses were also bearish from a technical standpoint as values backed away from major upside resistance.

However, solid end-user demand underneath the market kept canola well supported.

ICE Futures Canada will be closed Monday, November 13, for Remembrance Day, while U.S. markets will remain open. Positioning ahead of the Canadian long weekend could keep some caution in the canola market on Friday.

Futures Prices as of November 10, 2017

Canola
2017-11-10 08:51
Price Change
Jan 515 -0.50
Mar 521.8 -0.60
May 526.1 -0.40
Jul 528.4 -0.40
Milling Wheat
1970-01-01 00:00
Price Change
Durum
1970-01-01 00:00
Price Change
New Barley
1970-01-01 00:00
Price Change

Prices are in Canadian dollars per metric ton

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