By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Nov. 1 (MarketsFarm) – The ICE Futures canola market was narrowly mixed at midday Wednesday, seeing some consolidation after hitting fresh multi-month lows in early activity.
Tuesday’s close below C$680 per tonne in the January contract was bearish from a chart standpoint, but the market was showing signs of trying to find some stability on Wednesday.
“The oilseeds are very swingy and erratic right now,” according to a trader.
While a firm tone in Chicago soybeans and soyoil provided some support, speculators were still holding large short positions in canola and could be looking for opportunities to pressure values lower.
There were no deliveries against the November contract on the first notice day.
An estimated 17,300 canola contracts traded as of 10:51 CDT.
Prices in Canadian dollars per metric tonne at 10:51 CDT:
Canola Nov 658.60 unchanged
Jan 678.90 up 0.80
Mar 687.70 up 0.60
May 694.70 unchanged
