ICE canola correcting higher

By Phil Franz-Warkentin, MarketsFarm

WINNIPEG, Oct. 13 (MarketsFarm) – The ICE Futures canola market was stronger Wednesday morning, taking back some of Tuesday’s losses amid ideas the downturn was overdone.
Early strength in Chicago Board of Trade soyoil futures and gains in Malaysian palm oil provided some spillover support for the Canadian oilseed.
Tight supplies and a slowdown in seasonal harvest-pressure, with the harvest complete across most of the Prairies, also helped underpin the futures.
However, strength in the Canadian dollar and losses in CBOT soybeans put some pressure on values. Tuesday’s losses were also bearish from a chart-standpoint.
About 6,500 canola contracts had traded as of 8:54 CDT.

Prices in Canadian dollars per metric ton at 8:54 CDT:

Price Change
Canola Nov 908.70 up 7.60
Jan 898.50 up 7.70
Mar 883.40 up 5.50
May 862.00 up 6.00

Futures Prices as of October 13, 2021

Price Change
Milling Wheat
1970-01-01 00:00
Price Change
1970-01-01 00:00
Price Change
New Barley
1970-01-01 00:00
Price Change

Prices are in Canadian dollars per metric ton

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