By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, May 3 – (MarketsFarm) – ICE Futures canola contracts were weaker at midday Tuesday, seeing some follow-through selling after Monday’s sharp declines.
The nearby July contract had moved higher in sympathy with Chicago Board of Trade soyoil earlier in the day, but soyoil backed away from its session highs to post only small gains and canola turned lower.
Monday’s losses were bearish from a chart standpoint, as prices tested the key 20-day moving average. The new crop November contract was holding right around that point at midday Monday, while July was nearly C$20 per tonne below the former support level.
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Statistics Canada is set to release a report on stocks in the country as of March 31 on Friday. The data should give a clearer picture of usage-to-date.
Wet conditions in the eastern Prairies remained supportive, as seeding will likely be delayed in the region. Meanwhile, seeding is underway in Alberta and parts of Saskatchewan, but the lack of moisture was being watched closely.
About 13,300 canola contracts traded as of 10:35 CDT.
Prices in Canadian dollars per metric tonne at 10:35 CDT:
Price Change
Canola Jul 1,130.70 dn 12.10
Nov 1,046.90 dn 17.10
Jan 1,051.10 dn 16.40
Mar 1,064.50 dn 0.90
