By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Feb. 14 (MarketsFarm) – The ICE Futures canola market was posting small losses at midday Tuesday, although values remained rangebound overall.
“The (canola) market doesn’t know what to do, it’s just going up and down in a fairly narrow range,” said a trader on the choppy activity.
Losses in the Chicago soy complex accounted for some spillover selling pressure in the Canadian oilseed, but soyoil was off its session lows. European rapeseed was slightly lower, while Malaysian palm oil was higher on the day.
Wide crush margins remain a supportive influence, with domestic processors operating at close to full capacity.
The Canadian dollar was slightly softer at midday.
About 14,700 canola contracts traded as of 10:41 CST.
Prices in Canadian dollars per metric tonne at 10:41 CST:
Canola Mar 828.50 dn 0.70
May 819.00 dn 1.80
Jul 816.30 dn 1.10
Nov 792.50 dn 2.50
