By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Oct. 25 (MarketsFarm) – ICE Futures canola contracts were mostly lower at midday Tuesday, with chart-based positioning a feature as the market held within its sideways trading range.
Only the nearby November contract held onto small gains, with intermonth spreading behind some of the activity as participants exit the front month ahead of its expiry.
Losses in European rapeseed futures and strength in the Canadian dollar both put pressure on the canola market.
However, gains in the Chicago soy complex provided some spillover support. Historically wide crush margins and a lack of significant farmer selling, as seasonal harvest pressure subsides, also helped temper the declines.
About 18,100 canola contracts traded as of 10:41 CDT.
Prices in Canadian dollars per metric tonne at 10:41 CDT:
Canola Nov 896.50 up 3.70
Jan 879.20 dn 2.00
Mar 885.30 dn 1.50
May 889.20 dn 2.20
