WINNIPEG, Manitoba–The ICE Futures canola market was weaker in heavy volume Tuesday, falling below nearby chart support as activity resumed following the Thanksgiving long weekend.
Canadian markets were closed Monday while grains and oilseeds in the U.S. traded regular hours. Chicago soyoil futures were weaker on Monday and remained pointed lower Tuesday, contributing to the selling pressure in canola.
A move below C$710 per metric ton in the November contract was bearish from a technical standpoint, with values nearing the next psychological support at C$700.
A firmer tone in the Canadian dollar also weighed on canola, as the rising currency cuts into crush margins.
An estimated 50,100 canola contracts traded as of 11:48 a.m. EDT.
Prices in Canadian dollars per metric ton:
Canola
Contracts Price Change
Nov 702.10 dn 8.50 Jan 706.40 dn 11.10 Mar 713.20 dn 12.20 May 717.10 dn 13.30
Source: MarketsFarm, [email protected]
(END) Dow Jones Newswires
10-10-23 1223ET
