By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, March 25 – (MarketsFarm) – The ICE Futures canola market was mixed at midday Friday, with losses in the front months and gains in the new crop contracts.
Chart-based positioning ahead of the weekend was a feature, with speculators likely booking some profits on their large net long positions.
The Canadian dollar was nearing 80 U.S. cents at midday, putting some pressure on the canola market as the rising currency cuts into crush margins.
However, gains in Chicago Board of Trade soyoil futures did provide some support. The need to encourage acres this spring also underpinned the new crop months.
About 4,000 canola contracts traded as of 10:48 CDT.
Prices in Canadian dollars per metric tonne at 10:48 CDT:
Price Change
Canola May 1,139.70 dn 8.90
Jul 1,114.30 dn 6.90
Nov 956.80 up 3.10
Jan 959.80 up 6.20
