By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Nov. 14 (MarketsFarm) – The ICE Futures canola market was mixed at midday Monday, as activity resumed following the Remembrance Day long weekend. The canola market was closed Friday, while the grains and oilseeds in the United States traded their usual hours.
While Chicago soybeans and soyoil futures were both weaker on Monday, they had moved higher on Friday when the canola market was closed which provided some underlying support for the Canadian oilseed to start the week.
Wide crush margins, good export demand, and a slightly softer tone in the Canadian dollar also provided support.
However, chart resistance held to the upside and canola backed away from its session highs as the day progressed. Only the nearby January contract held onto its gains, with the more deferred months all posting losses.
About 13,000 canola contracts traded as of 10:30 CST.
Prices in Canadian dollars per metric tonne at 10:30 CST:
Canola Jan 885.80 up 2.60
Mar 875.90 dn 2.10
May 876.90 dn 3.80
Jul 878.00 dn 4.40
