ICE Canola Holding Near Unchanged

WINNIPEG, Manitoba--The ICE Futures canola market was narrowly mixed at midday Wednesday, seeing some consolidation after hitting fresh multi-month lows in early activity.

Tuesday's close below C$680 per metric ton in the January contract was bearish from a chart standpoint, but the market was showing signs of trying to find some stability on Wednesday.

"The oilseeds are very swingy and erratic right now," according to a trader.

While a firm tone in Chicago soybeans and soyoil provided some support, speculators were still holding large short positions in canola and could be looking for opportunities to pressure values lower.

There were no deliveries against the November contract on the first notice day.

An estimated 17,300 canola contracts traded as of 11:51 a.m. EDT.

Prices in Canadian dollars per metric ton at 11:51 a.m. EDT:

 
                  Price    Change 
Canola       Nov  658.60  unchanged 
             Jan  678.90   up 0.80 
             Mar  687.70   up 0.60 
             May  694.70  unchanged 
 
 

Source: Commodity News Service Canada, [e-mail]

(END) Dow Jones Newswires

11-01-23 1227ET