By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Oct. 18 (MarketsFarm) – ICE Futures canola contracts were weaker at midday Tuesday, testing chart support as steady post-harvest deliveries into the commercial pipeline put some seasonal pressure on values.
Both the nearby November contract and the more-active January futures were testing their 20-day moving averages, which was bearish from a technical standpoint.
Losses in Chicago soybeans and European rapeseed futures added to the softer tone, although gains in soyoil and Malaysian palm oil provided some support. Weakness in the Canadian dollar also underpinned canola, with wide crush margins keeping end users on the buy side on a scale-down basis.
About 15,000 canola contracts traded as of 10:34 CDT.
Prices in Canadian dollars per metric tonne at 10:34 CDT:
Canola Nov 852.10 dn 3.40
Jan 858.90 dn 3.80
Mar 865.40 dn 3.00
May 867.20 dn 4.10
