By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Dec. 14 (MarketsFarm) – ICE Futures canola contracts were mixed at midday Wednesday, although the bias was higher in the most active months as investors adjust positions in thin and choppy trade.
Chicago soybean and soyoil futures were holding near unchanged, while European rapeseed was lower and Malaysian palm oil higher. The Canadian dollar was slightly weaker at midsession.
Mixed forecasts out of South America were keeping some caution in the world oilseed markets, with persistent drought cutting into soybean production prospects in Argentina countered by relatively favourable weather in Brazil.
Canola remains stuck in a broad sideways trading range from a chart perspective.
About 12,800 canola contracts traded as of 10:15 CST.
Prices in Canadian dollars per metric tonne at 10:15 CST:
Canola Jan 880.00 up 3.70
Mar 863.00 up 4.50
May 856.20 up 1.70
Jul 851.60 dn 0.20
