By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Sept. 11 (MarketsFarm) – The ICE Futures canola market was posting small losses Wednesday morning in thin and choppy activity.
Bearish chart signals kept the lightly traded canola market under pressure to start the day, as the November contract hovered above major technical support.
Chicago Board of Trade soybeans were weaker in early activity, weighing on canola. Seasonal harvest pressure also kept a lid on the upside.
However, cool and wet conditions continue to cause delays in some parts of the Prairies.
Statistics Canada and the United States Department of Agriculture are both set to release updated production estimates on Thursday. Positioning ahead of the data should be a feature.
About 1,300 canola contracts had traded as of 8:33 CDT.
Prices in Canadian dollars per metric ton at 8:33 CDT:
Canola Nov 439.20 dn 0.20
Jan 446.90 dn 0.30
Mar 454.20 dn 0.30
May 460.70 dn 0.40