ICE canola weaker ahead of USDA reports at midday Wednesday

By Phil Franz-Warkentin, MarketsFarm

WINNIPEG, Aug. 12 (MarketsFarm) – The ICE Futures canola market was weaker at midday Wednesday, continuing to back away from nearby highs as bearish technical signals weighed on prices.

Speculators who had been buying canola at the start of the month have flipped to the other side to book profits, according to a broker.

Gains in the Canadian dollar, which was touching fresh six-month highs relative to its United States counterpart, also weighed on canola.

The looming Prairie harvest was another bearish influence in the background.

Chicago Board of Trade soyoil futures were posting solid gains at midday, providing some spillover support.

The United States Department of Agriculture releases updated production estimates later in the day, and any surprises in the data could sway the futures ahead of the close.

About 8,500 canola contracts traded as of 10:29 CDT.

Prices in Canadian dollars per metric tonne at 10:29 CDT:

Price Change
Canola Nov 481.90 dn 2.10
Jan 488.10 dn 1.80
Mar 492.30 dn 1.50
May 495.70 dn 1.20

Futures Prices as of August 12, 2020

Canola
Price Change
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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