By Marlo Glass, MarketsFarm
WINNIPEG, Sept. 11 (MarketsFarm) – The ICE Futures canola market was slightly higher at midday Wednesday, bouncing back after six consecutive days of lower trading sessions.
Technical biases in the market remain lower, as markets “try to hold on to the bottom end of chart support,” said one Winnipeg-based expert.
“[It] has been in place for the past two and a half months or so.”
Harvest pressure continues to put a damper on prices, which is to be expected as the market observes a surge of farmer deliveries. However, cool and wet conditions across the Prairies are complicating the harvest season, as crops remain in various stages of delayed development.
A strong Canadian dollar is also keeping pressure on canola values. The dollar held at over 75.70 U.S. cents on Wednesday morning.
About 7,300 canola contracts traded as of 11:00 CDT.
Prices in Canadian dollars per metric tonne at 11:00 CDT:
Canola Nov 440.30 up 0.90
Jan 447.90 up 0.70
Mar 454.90 up 0.40
May 461.80 up 0.70
Commodity Future Prices
Prices are in Canadian dollars per metric ton