By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, May 15 (MarketsFarm) – ICE Futures canola contracts were mostly lower at midday Wednesday, taking back their earlier gains as the market saw some consolidation after Tuesday’s corrective bounce.
Weather-related concerns underpinning the Chicago Board of Trade soy complex provided some early spillover support for canola, according to an analyst. Speculative short covering accounted for much of the buying interest in canola, while solid crush margins also encouraged some domestic processor demand.
However, values dipped below unchanged in many months at midday, as large supplies and ongoing concerns over Chinese demand weighed on values.
About 12,000 canola contracts traded as of 10:21 CDT.
Prices in Canadian dollars per metric tonne at 10:21 CDT:
Canola Jul 441.30 dn 1.10
Nov 453.80 up 0.10
Jan 459.40 dn 0.40
Mar 465.10 dn 0.50