By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, July 18 (MarketsFarm) – ICE Futures canola contracts were narrowly mixed at midday Thursday in thin and choppy activity.
Losses in Chicago Board of Trade soybeans and corn accounted for some of the spillover selling pressure in canola.
Relatively favourable crop weather for much of Western Canada also weighed on values.
However, varied development across the Prairies was keeping some caution in the canola market, with overall production expected to be down significantly on the year.
A softer tone in the Canadian dollar also underpinned the futures, and canola was holding above major chart support.
About 7,800 canola contracts traded as of 10:52 CDT.
Prices in Canadian dollars per metric tonne at 10:52 CDT:
Canola Nov 444.40 up 0.30
Jan 451.50 dn 0.10
Mar 458.50 dn 0.50
May 464.40 dn 0.40