By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Oct. 30 (MarketsFarm) – The ICE Futures canola market was holding within a narrow range at midday Friday, lacking any clear direction as traders squared positions ahead of the weekend.
Canola posted large losses over the course of the week, retreating by more than C$10 per tonne off of the multi-year highs last seen on Monday. With solid export and domestic crusher demand underneath the market, ideas that the correction may be enough for the time being provided some support.
A firm tone in the Chicago Board of Trade soy complex also provided some support.
The Canadian dollar was holding near unchanged at midday, providing little direction.
Ongoing uncertainty over renewed COVID-19 lockdown measures and the looming United States election kept some caution in all markets, including canola.
About 10,500 canola contracts traded as of 10:37 CDT.
Prices in Canadian dollars per metric tonne at 10:37 CDT:
Canola Nov 532.20 dn 1.10
Jan 539.10 dn 0.10
Mar 543.90 dn 0.20
May 543.90 up 0.20