By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Oct. 6 (MarketsFarm) – The ICE Futures canola market was mostly higher at midday Friday, seeing some consolidation ahead of the weekend. Canadian markets will be closed Monday for Thanksgiving.
The nearby November contract continued to test chart support at C$710 per tonne, with an early move below that level quickly countered by fresh buying interest.
A firmer tone in Chicago soyoil provided some spillover support for canola, although soybeans were softer.
Wide crush margins remained another underpinning influence for canola, keeping domestic processors on the buy side. However, the Canadian dollar was stronger at midday, putting some pressure on values.
An estimated 19,500 canola contracts traded as of 11:12 CDT.
Prices in Canadian dollars per metric tonne at 11:12 CDT:
Canola Nov 712.90 up 1.70
Jan 720.20 up 0.90
Mar 727.30 dn 0.30
May 731.60 dn 0.50
