By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Sep. 9 – (MarketsFarm) – The ICE Futures canola market was holding onto small gains at midday Friday, seeing some consolidation to end the week after posting large losses in recent sessions.
Gains in the Chicago soy complex contributed to the firmer tone in canola, although European rapeseed and Malaysian palm oil futures were both lower on the day.
Seasonal harvest pressure and relatively favourable Prairie weather continued to overhang the market, tempering any advances. The Canadian dollar was stronger at midday, which also put some pressure on canola.
About 15,300 canola contracts traded as of 10:44 CDT.
Prices in Canadian dollars per metric tonne at 10:44 CDT:
Canola Nov 772.00 up 2.20
Jan 780.00 up 2.40
Mar 787.10 up 2.80
May 788.90 up 2.70
