By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Oct. 29 (MarketsFarm) – The ICE Futures canola market was posting small losses in most months at midday Thursday, although activity was somewhat subdued as contracts consolidated after Wednesday’s sharp losses.
Declines in Chicago Board of Trade soyoil contributed to some spillover selling in canola, although soybeans were turning higher at midday.
Scale-down commercial demand provided some underlying support on the other side, with Wednesday’s selloff creating some buying opportunities. A softer tone in the Canadian dollar also helped underpin canola.
Ongoing uncertainty over renewed COVID-19 lockdown measures and the looming United States election kept some caution in all markets, including canola.
About 15,800 canola contracts traded as of 10:48 CDT.
Prices in Canadian dollars per metric tonne at 10:48 CDT:
Canola Nov 528.00 dn 5.30
Jan 535.30 dn 0.30
Mar 539.90 dn 0.50
May 539.20 dn 0.10