ICE canola down sharply at midday

By Phil Franz-Warkentin, Commodity News Service Canada

WINNIPEG, May 16 (CNS Canada) – ICE Futures Canada canola contracts were weaker at midday Wednesday, as losses in the Chicago Board of Trade soy complex and strength in the Canadian dollar weighed on values.

Bearish chart signals exaggerated the move lower as the July contract dipped below the 50-day moving average.

Forecasts are calling for at least a chance of rain across much of the Prairies over the next few days. However, more moisture will be needed, as conditions are getting very dry in many areas.

A lack of farmer selling, as producers are still busy with spring seeding, provided some underlying support.

About 10,100 canola contracts had traded as of 10:58 CDT.

Futures Prices as of May 16, 2018

Canola
2018-05-16 10:59
Price Change
Jul 528.4 -5.10
Nov 515 -6.00
Jan 520.1 -5.50
Mar 523 -5.20
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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