By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Feb. 21 (MarketsFarm) – The ICE Futures canola market was holding within 50 cents of unchanged Friday morning, lacking any clear direction as traders adjusted positions ahead of the weekend.
Small gains in Malaysian palm oil and Chicago Board of Trade soyoil provided some support, but European rapeseed futures were weaker overnight.
Canola has held within a narrow five-dollar per tonne range over the past two weeks, and traders appear reluctant to push values too far one way or the other outside of that range for the time being.
Ongoing concerns over the COVID-19 coronavirus outbreak and uncertainty over pipeline protests disrupting rail traffic across Canada remained bearish factors in the background.
The Canadian dollar was holding steady in early activity, providing little direction.
About 3,200 canola contracts had traded as of 8:46 CST.
Prices in Canadian dollars per metric ton at 8:46 CST:
Canola Mar 459.20 dn 0.10
May 468.10 up 0.10
Jul 474.50 up 0.20
Nov 483.20 up 0.50