WINNIPEG – The ICE Futures canola market was stronger at midday Tuesday, but off earlier gains as a downturn in Chicago soyoil put some pressure on values.
The November contract had hit a session high of C$728.60 per tonne earlier in the day but was well off that level by midday at C$720.90 per tonne.
Dryness concerns in parts of Western Canada provided underlying support for canola, with shifting weather forecasts being followed closely.
Wide crush margins of over C$200 per tonne above both the new and old crop futures were likely keeping domestic processors on the buy side of the market, according to a trader.
Outside markets were mixed, with small gains in soybeans but losses in soyoil and European rapeseed. The Canadian dollar was slightly softer at midsession.
About 31,300 canola contracts traded as of 10:49 CDT.
Prices in Canadian dollars per metric tonne at 10:49 CDT:
Canola Jul 751.80 up 6.20
Nov 720.90 up 2.10
Jan 727.30 up 2.80
Mar 731.20 up 1.40
