By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Aug. 1 (MarketsFarm) – The ICE Futures canola market was weaker at midday Tuesday, seeing a continuation of Monday’s selloff.
Speculative positioning was a feature, with losses in Chicago soyoil and improving moisture conditions in parts of the Prairies adding to the softer tone in canola.
The November contract fell below its 20-day moving average on Monday, which was bearish from a chart standpoint, and was holding just above the 200-day average at midday Tuesday.
Weakness in the Canadian dollar provided some underlying support, with a steadier tone in Chicago soybeans also helping temper the declines. European rapeseed and Malaysian palm oil were both holding near unchanged, seeing some consolidation after recent declines.
About 25,000 canola contracts traded as of 10:20 CDT.
Prices in Canadian dollars per metric tonne at 10:20 CDT:
Canola Nov 772.60 dn 11.40
Jan 777.60 dn 10.10
Mar 780.10 dn 8.60
May 781.00 dn 5.00
