By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Oct. 12 (MarketsFarm) – The ICE Futures canola market was mixed at midday Thursday, with gains in the front months and losses in the more deferred positions.
Positioning ahead of the United States Department of Agriculture’s monthly supply/demand report, out at 11:00 CDT, was a feature with any surprises in the data likely to influence where values settle on the day.
Ideas that recent losses were starting to look overdone accounted for some of the buying interest in the front months, as the nearby November contract holds above the psychological C$700 per tonne level.
Weakness in the Canadian dollar was also supportive.
The Chicago soy complex was mixed at midsession, with a firm tone in beans and meal but losses in soyoil.
An estimated 21,600 canola contracts traded as of 10:20 CDT.
Prices in Canadian dollars per metric tonne at 10:20 CDT:
Canola Nov 704.70 up 2.00
Jan 708.40 up 0.90
Mar 711.90 dn 0.90
May 714.40 dn 2.60
