By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Nov. 16 (MarketsFarm) – The ICE Futures canola market was posting small losses at midday Monday, as the market continued to consolidate just below the highs hit last week.
Speculative selling was a feature, as investors booked profits on the recent gains. A firmer tone in the Canadian dollar and ample supplies in the commercial pipeline also weighed on values.
However, end-user demand remains solid, providing some underlying support.
Gains in Chicago Board of Trade soybeans and soyoil also helped temper the declines in the Canadian oilseed.
About 11,000 canola contracts traded as of 10:39 CST.
Prices in Canadian dollars per metric tonne at 10:39 CST:
Price Change
Canola Jan 558.40 dn 2.00
Mar 561.30 dn 2.30
May 560.80 dn 2.30
Jul 559.30 dn 1.50
