By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Aug. 10 (MarketsFarm) – The ICE Futures canola market was narrowly mixed at midday Thursday, lacking any clear direction in choppy trade.
The nearby November contract uncovered chart support around the C$770 per tonne level to trade well off that point by midsession. Gains in Chicago soybeans and a steady tone in soyoil helped underpin the Canadian oilseed, with European rapeseed futures also up on the day.
A lack of any significant Prairie weather concerns pressured values, but ideas that canola production will unlikely live up to earlier expectations after hot and dry weather earlier in the growing season remained supportive.
The United States Department of Agriculture is set to release updated supply/demand estimates on Friday, with positioning ahead of the data behind much of the activity in the North American grains and oilseeds on Thursday.
About 15,200 canola contracts traded as of 10:41 CDT.
Prices in Canadian dollars per metric tonne at 10:41 CDT:
Canola Nov 774.30 dn 1.60
Jan 779.60 dn 1.20
Mar 782.10 dn 0.20
May 781.70 up 1.00
