By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Aug. 10 (MarketsFarm) – The ICE Futures canola market was posting small losses Monday morning, as values hovered just under major upside resistance.
The most active November contract briefly traded above the psychological C$490 per tonne level in overnight trade, after settling at C$489.90 per tonne on Friday, but ran into resistance and turned lower.
The looming Prairie harvest and relatively favourable crop prospects added to the softer tone.
The Canadian dollar was slightly stronger at midday, which also weighed on values.
However, Chicago Board of Trade soybeans were higher and soyoil was mixed, providing some underlying support.
The United States Department of Agriculture releases updated production estimates on Wednesday, and pre-report positioning was a feature in the North American grains and oilseeds.
About 6,400 canola contracts traded as of 10:41 CDT.
Prices in Canadian dollars per metric tonne at 10:41 CDT:
Price Change
Canola Nov 489.60 dn 0.30
Jan 495.20 dn 0.70
Mar 498.70 dn 1.00
May 502.00 dn 1.10
