By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Oct. 11 (MarketsFarm) – The ICE Futures canola market was slightly weaker at midday Wednesday in thin and choppy activity.
Tuesday’s close below C$710 per tonne in the nearby November contract was bearish from a technical standpoint, encouraging some follow-through selling. However, the next psychological support was holding at C$700 per tonne.
Chicago soybeans and soyoil futures were both weaker, accounting for some spillover selling pressure in the Canadian oilseed. European rapeseed and Malaysian palm oil futures were also lower on the day, as world vegetable oils reacted to declines in crude oil.
Seasonal harvest pressure should be easing across the Prairies. Manitoba’s canola harvest was 87 per cent complete in the latest provincial report, with average yields ranging anywhere from 20 to 60 bushels per acre.
The Canadian dollar was holding steady on Wednesday, providing little direction.
An estimated 21,800 canola contracts traded as of 10:02 CDT.
Prices in Canadian dollars per metric tonne at 10:02 CDT:
Canola Nov 702.20 dn 2.40
Jan 706.90 dn 3.50
Mar 711.40 dn 5.20
May 715.00 dn 6.10
