By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, April 8 (MarketsFarm) – The ICE Futures canola market was slightly weaker at midday Wednesday, taking some direction from Chicago Board of Trade soyoil.
After posting gains for the previous four sessions, soyoil ran into chart resistance and the downturn in that market also weighed on canola, according to traders.
Tuesday’s strength in the Canadian dollar also cut into crush margins and made canola less attractive for international buyers, although the currency was holding relatively steady on Wednesday.
Positioning ahead of Thursday’s supply/demand report from the United States Department of Agriculture kept some caution in the grains and oilseeds. Ongoing uncertainty over the COVID-19 pandemic also remained a feature in the background.
About 15,000 canola contracts traded as of 10:48 CST.
Prices in Canadian dollars per metric tonne at 10:48 CST:
Canola May 460.00 dn 0.50
Jul 466.10 dn 1.80
Nov 474.00 dn 1.70
Jan 480.50 dn 1.20