By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Jan. 31 – (MarketsFarm) – The ICE Futures canola market was mixed at midday Monday, lacking any clear direction to start the week.
Speculative positioning was a feature, as traders continue to exit the nearby March contract.
Gains in Chicago Board of Trade soybeans provided some underlying support for the Canadian oilseed, as beans hit fresh contract highs. However, soyoil was softer on the day and the Canadian dollar was stronger, which cuts into crush margins.
Ongoing concerns over tight old crop supplies remained supportive, although demand is being rationed at current price levels.
About 12,300 canola contracts traded as of 10:36 CST.
Prices in Canadian dollars per metric tonne at 10:36 CST:
Price Change
Canola Mar 1,013.70 dn 3.90
May 1,001.00 up 0.60
Jul 978.90 up 5.40
Nov 836.30 up 0.10
