By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Sept. 13 (MarketsFarm) – The ICE Futures canola market was stronger at midday Monday, correcting above major chart support.
Ideas that losses posted the previous week were overdone contributed to the gains, with the November contract well off of its recently hit one-month lows.
Statistics Canada releases updated production estimates on Tuesday, and general expectations are for a downward revision to the already small 14.7 million tonne crop forecast in late-August. The harvest is underway across the Prairies, and early anecdotal reports point to average yields well below the current forecast.
The Chicago Board of Trade soy complex was mixed at midsession, providing little direction for canola. The Canadian dollar was slightly softer.
About 9,000 canola contracts traded as of 10:32 CDT.
Prices in Canadian dollars per metric tonne at 10:32 CDT:
Canola Nov 861.80 up 8.10
Jan 852.10 up 8.30
Mar 840.70 up 8.50
May 825.80 up 8.00