ICE Canola under Technical Pressure

By Dave Sims, Commodity News Service Canada

WINNIPEG, December 8 (CNS) – Canola contracts on the ICE Futures Canada platform were lower at 10:40 CST on Friday, weighed down by technical selling.

The January contract drifted beneath the low it set earlier this week, which was a bearish signal for traders. Funds were also liquidating their long positions.

Losses in the U.S. soy complex added to the downside.

Statistics Canada’s forecast for a record canola crop this year continued to drag on prices.

However, the Canadian dollar was slightly lower relative to its U.S. counterpart, which made canola more attractive to foreign buyers.

The front-month contract has some psychological support at the C$500 per tonne mark.

About 11,000 canola contracts had traded as of 10:40 CST.

Prices in Canadian dollars per metric ton at 10:40 CST:

Futures Prices as of December 8, 2017

Canola
2017-12-08 10:44
Price Change
Jan 504.4 -1.50
Mar 512.7 -1.60
May 519.2 -2.00
Jul 522.3 -2.20
Milling Wheat
1970-01-01 00:00
Price Change
Durum
1970-01-01 00:00
Price Change
New Barley
1970-01-01 00:00
Price Change

Prices are in Canadian dollars per metric ton

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