By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, May 29 (MarketsFarm) – The ICE Futures canola market was posting small losses at midday Monday, although activity was thin and choppy with markets in the United States closed for Memorial Day.
Losses in European rapeseed futures and a firmer tone in the Canadian dollar were both bearish for canola. Good seeding progress across the Prairies, with forecasts calling for timely rains in most areas over the next week, also weighed on values.
However, canola was thought to be looking oversold from a chart standpoint and did manage to find some support to the downside with prices holding above the lows hit last week.
About 4,800 canola contracts traded as of 10:35 CDT, with the July/November spread a feature of the activity as participants roll their positions out of the old crop month.
Prices in Canadian dollars per metric tonne at 10:35 CDT:
Canola Jul 687.50 dn 2.20
Nov 657.00 dn 1.80
Jan 661.70 dn 1.80
Mar 667.30 dn 1.90
