By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Oct. 22 – Canola contracts on the ICE Futures Canada platform were narrowly mixed at midday Thursday, as the market backed away from an earlier attempt at breaking above chart resistance.
The nearby November contract made a brief move above the long-time resistance level of C$480 per tonne earlier in the day, while the more active January contract broke above C$485 to move as high as C$487 per tonne. However, the chart resistance proved solid, and the futures backed off of those highs. Farmer selling was a likely feature, according to participants.
Overnight advances in Malaysian palm oil and the CBOT soy complex, together with recent weakness in the Canadian dollar, also lent some support to canola. However, soybeans turned lower and the Canadian dollar strengthened as the session progressed.
About 15,000 canola contracts had traded as of 10:54 CDT.
Milling wheat, durum, and barley were all untraded.
