WINNIPEG, Sept. 18 (MarketsFarm) – The ICE Futures canola market was trading to either side of unchanged at midday Friday, seeing some consolidation ahead of the weekend after posting large gains in recent sessions.
Canola climbed above former longtime chart resistance to hit fresh two-year highs over the past week, making the market look overbought from a technical standpoint.
Seasonal harvest pressure was also weighing on values, with forecasts generally calling for favourable weather over the weekend, according to participants.
However, gains in Chicago Board of Trade soybeans and soyoil remained supportive. The overall uptrend also remains intact, making any profit-taking corrections a good buying opportunity.
About 19,000 canola contracts traded as of 10:08 CDT.
Prices in Canadian dollars per metric tonne at 10:08 CDT:
Canola Nov 531.60 dn 0.30
Jan 539.20 up 0.30
Mar 546.00 up 1.20
May 547.60 up 2.00
Commodity Future Prices
Prices are in Canadian dollars per metric ton