WINNIPEG, Oct. 22 (MarketsFarm) – The ICE Futures canola market was mostly lower Thursday morning, seeing a chart-based correction after climbing to new multi-year highs.
The most active January contract hit a fresh high of C$552 per tonne, but has since retreated below unchanged. Ideas that the market was starting to look overbought accounted for some the selling pressure.
A mixed tone in Chicago Board of Trade soybeans did little to provide direction. Soyoil was slightly firmer, but off its overnight highs, while Malaysian palm oil posted small losses.
Intermonth spreading remained a feature, as traders continue to roll out of the nearby November contract.
About 8,000 canola contracts had traded as of 8:54 CDT.
Prices in Canadian dollars per metric ton at 8:54 CDT:
Canola Nov 546.10 dn 2.60
Jan 547.60 dn 1.20
Mar 549.70 dn 0.40
May 547.10 dn 0.40