By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Aug. 15 (MarketsFarm) – ICE Futures canola contracts were holding onto small gains at midday Thursday, in thin and choppy activity.
“It’s hard to get any read on this market,” said a Winnipeg-based trader.
While canola was looking underpriced compared to other oilseeds, he expected the looming Prairie harvest would keep a lid on the upside. However, weather concerns through the harvest period may provide underlying support.
Chicago Board of Trade soybeans were posting small losses at midday, putting some pressure on canola.
The Canadian dollar was slightly weaker, trading right around 75 U.S. cents.
About 6,300 canola contracts traded as of 10:57 CDT.
Prices in Canadian dollars per metric tonne at 10:57 CDT:
Price Change
Canola Nov 450.90 up 0.70
Jan 458.70 up 0.90
Mar 465.00 up 0.60
May 470.70 up 0.50
