By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Jan. 18 (MarketsFarm) – The ICE Futures canola market was was posting small losses Monday morning, although activity was thin and choppy with markets in the United States closed for the Martin Luther King Jr. holiday.
Chart-based positioning was a feature, as prices consolidated just below the major contract highs hit last week.
While the underlying fundamentals remain supportive, there are ideas that the prices were starting to look overdone to the upside.
The Canadian dollar was weaker in early activity, which provided some support.
About 2,100 canola contracts had traded as of 8:49 CST.
Prices in Canadian dollars per metric ton at 8:49 CST:
Canola Mar 687.10 dn 0.70
May 668.00 dn 0.80
Jul 649.60 dn 2.60
Nov 550.90 dn 3.20