By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Oct. 26 (MarketsFarm) – The ICE Futures canola market was posting losses in the most active contracts at midday Monday, seeing some consolidation just below their recently-hit multi-year highs.
Chart-based selling was a feature, amid ideas canola was looking overbought from a technical standpoint.
Losses in Chicago Board of Trade soybeans and ample supplies in the commercial pipeline contributed to the declines.
However, gains in CBOT soyoil and a softer tone in the Canadian dollar provided underlying support.
A lack of significant farmer selling pressure, as harvest operations have wrapped up across the Prairies, also helped temper the declines.
About 14,300 canola contracts traded as of 10:33 CDT.
Prices in Canadian dollars per metric tonne at 10:33 CDT:
Canola Nov 545.30 dn 4.70
Jan 549.70 dn 1.30
Mar 552.90 unchanged
May 547.50 dn 1.30