By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Feb. 14 – (MarketsFarm) – The ICE Futures canola market was weaker at midday Monday, taking some direction from the Chicago Board of Trade soy complex.
Chart-based selling contributed to the declines, as old crop canola contracts dipped below their 20-day moving averages.
Ideas that demand was backing away at current price levels added to the softer tone, with softening cash basis levels for nearby delivery seen at many locations.
A weaker tone in the Canadian dollar provided some underlying support.
About 15,300 canola contracts traded as of 10:46 CST.
Prices in Canadian dollars per metric tonne at 10:46 CST:
Price Change
Canola Mar 1,004.90 dn 8.60
May 988.20 dn 12.40
Jul 960.20 dn 10.10
Nov 839.40 dn 8.90
