By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Sept. 4 (MarketsFarm) – The ICE Futures canola market was lower at midday Friday, retreating from earlier gains as traders squared positions ahead of the Labour Day long weekend.
Losses in Chicago Board of Trade soyoil, a firmer tone in the Canadian dollar, and seasonal harvest pressure all contributed to the downturn in canola.
Chart-based selling was a feature, as canola ran into technical resistance to the upside.
Stocks data released by Statistics Canada did little to move the market. Canadian canola stocks as of July 31, 2020, were pegged at 2.7 million tonnes by the government agency. That was about 34 per cent below the previous year’s level, but slightly above the five-year average.
About 13,000 canola contracts traded as of 10:35 CDT.
Prices in Canadian dollars per metric tonne at 10:35 CDT:
Price Change
Canola Nov 503.20 dn 0.50
Jan 509.90 dn 1.00
Mar 514.60 dn 1.60
May 518.90 dn 2.00
