WINNIPEG – The ICE Futures canola market was weaker Thursday morning, testing nearby support as speculators continued to liquidate long positions and book profits.
The November contract dipped below the 20-day moving average, which was bearish from a chart-standpoint. A firm tone in the Canadian dollar, which moved above 80 United States cents, also weighed on values.
However, gains in the Chicago Board of Trade soy complex provided some underlying support.
Persistent hot and dry Prairie weather also remained supportive, although drought concerns may be priced into the futures for the time being.
About 3,400 canola contracts had traded as of 8:49 CDT.
Prices in Canadian dollars per metric ton at 8:49 CDT:
Canola Nov 872.90 dn 10.10
Jan 860.40 dn 8.80
Mar 846.40 dn 8.40
May 826.50 dn 8.20