By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Oct. 25 (MarketsFarm) – The ICE Futures canola market was narrowly mixed Wednesday morning, as an overnight attempt at correcting higher ran out of steam and values retreated to hold within a narrow range.
Canola was nearing oversold territory from a chart standpoint, but speculators appeared content to keep pressuring the market for the time being.
Chicago soyoil and European rapeseed futures were both higher, which helped underpin the Canadian oilseed. However, soybeans were lower while Malaysian palm oil was narrowly mixed.
Solid end user demand underneath the market helped temper the declines, with a softer tone in the Canadian dollar also supportive.
About 11,400 canola contracts had traded as of 8:44 CDT.
Prices in Canadian dollars per metric ton at 8:44 CDT:
Canola Nov 676.50 dn 1.00
Jan 690.40 up 0.60
Mar 698.80 up 0.10
May 704.00 dn 0.20
