By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Dec. 15 (MarketsFarm) – ICE Futures canola contracts were weaker at midday Thursday, retreating from earlier gains as losses in outside markets weighed on values.
Chicago soyoil and European rapeseed futures were both down on the day, while Malaysian palm oil was also softer but off its earlier lows.
A weaker tone in the Canadian dollar provided some support, with solid end user demand also underpinning the canola market.
However, canola futures remain stuck in a broad sideways trading range from a chart perspective, with investors trading both sides of the market as they adjust positions ahead of the year end.
About 17,500 canola contracts traded as of 10:45 CST.
Prices in Canadian dollars per metric tonne at 10:45 CST:
Canola Jan 869.30 dn 5.90
Mar 857.20 dn 3.50
May 850.00 dn 4.20
Jul 843.00 dn 6.80
