ICE canola weaker at midday Tuesday

By Phil Franz-Warkentin, MarketsFarm

WINNIPEG, Aug. 11 (MarketsFarm) – The ICE Futures canola market was weaker at midday Tuesday, as it continued to back away from its recent highs.

After good export demand and chart-based buying had provided support earlier in the month, “we’ve done enough work to the upside for now,” said a trader accounting for the consolidative tone in the market.

A firmer tone in the Canadian dollar and losses in Chicago Board of Trade soyoil also put some pressure on canola, according to the trader.

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

The United States Department of Agriculture releases updated production estimates on Wednesday, and pre-report positioning was a feature in the North American grains and oilseeds.

About 7,000 canola contracts traded as of 10:38 CDT.

Prices in Canadian dollars per metric tonne at 10:38 CDT:

Price Change
Canola Nov 487.30 dn 1.20
Jan 493.40 dn 1.00
Mar 497.10 dn 1.10
May 499.50 dn 1.50

Futures Prices as of August 11, 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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