By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Sept. 21 (MarketsFarm) – The ICE Futures canola market was mixed at midday Tuesday, with losses in the front months and a firmer tone in the more deferred positions.
Hedge pressure and long liquidation by smaller speculators accounted for some of the declines in the nearby contracts, according to a trader.
On the other side, a move to fresh contract highs in European rapeseed futures overnight and a recovery off of nearby lows for Chicago Board of Trade soyoil provided some underlying support.
“Chart-wise, we’re still in a holding pattern,” the trader added.
About 12,000 canola contracts traded as of 10:39 CDT.
Prices in Canadian dollars per metric tonne at 10:39 CDT:
Price Change
Canola Nov 858.80 dn 2.30
Jan 852.80 dn 1.00
Mar 843.50 up 0.60
May 828.90 up 2.10
