Glacier FarmMedia — ICE Futures canola contracts were posting small losses at midday Monday, taking some direction from declines in the Chicago soy complex.
- The January soyoil contract fell below psychological chart support at 50 cents per pound, while the more-active March contract also tested that key technical level.
- Large supplies continue to overhang the canola market, with a lack of export demand from China adding to the burdensome outlook.
- Canola futures touched fresh nine-month lows in early trade but uncovered support to the downside. End user bargain hunting and a lack of significant farmer selling tempered the declines.
- The Canadian dollar was holding steady with Friday’s close at midday.
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An estimated 33,800 canola contracts traded as of 10:35 CST.
Prices in Canadian dollars per metric tonne at 10:35 CST:
Canola Jan 604.30 dn 2.20
Mar 617.20 dn 1.90
May 628.80 dn 2.20
Jul 636.70 dn 2.20
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