By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Oct. 5 (MarketsFarm) – The ICE Futures canola market was weaker Wednesday morning, seeing some follow-through selling after Tuesday’s retreat from nearby highs.
Tuesday’s activity was bearish from a chart perspective, signalling that a top may be in for the time being.
Losses in Chicago soybeans and soyoil contributed to the early selling pressure in canola, with European rapeseed also down on the day. However, Malaysian palm oil held closer to unchanged.
Ideas that canola production failed to live up to earlier projections, as the harvest wraps up and anecdotal yield reports come in, were somewhat supportive with farmer deliveries on the light side and solid crush margins keeping end users in the market.
About 7,800 canola contracts had traded as of 8:40 EDT.
Prices in Canadian dollars per metric ton at 8:40 EDT:
Canola Nov 859.50 dn 4.20
Jan 866.90 dn 5.00
Mar 873.40 dn 4.90
May 873.90 dn 5.50
