By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Sept. 6 (MarketsFarm) – The ICE Futures canola market was narrowly mixed Wednesday morning, seeing some consolidation after Tuesday’s sharp drop.
The move below C$800 per tonne in the November contract was bearish from a chart standpoint, although the market was attempting to recover back above that point in overnight activity.
Losses in outside markets accounted for some spillover selling pressure in the Canadian oilseed, with Chicago soyoil, European rapeseed and Malaysian palm oil all lower on the day.
However, declining crop ratings for soybeans in the United States propped up that market.
Manitoba’s harvest was just over a third complete, according to the latest provincial crop report, with 14 per cent of the canola off the fields.
About 9,200 canola contracts had traded as of 8:41 CDT.
Prices in Canadian dollars per metric ton at 8:41 CDT:
Canola Nov 798.50 up 1.00
Jan 805.20 up 0.50
Mar 808.40 up 0.50
May 807.00 dn 0.80
