By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, July 30 (MarketsFarm) – The ICE Futures canola market was mixed at midday Thursday, as conflicting outside influences had the market seeing some consolidation after its recent gains.
A weaker tone in the Canadian dollar and gains in Chicago Board of Trade soyoil provided some spillover support for canola. Solid export demand also underpinned the market.
However, ideas that canola was looking overdone to the upside, after posting steady gains over much of the past month, put some pressure on values and most contracts aside from the nearby November were lower at midday.
While there are still some areas of concern, weather conditions remain generally favourable for crop development across much of the Prairies.
About 12,000 canola contracts traded as of 10:34 CDT.
Prices in Canadian dollars per metric tonne at 10:34 CDT:
Canola Nov 491.60 up 0.40
Jan 496.60 dn 1.20
Mar 499.90 dn 1.50
May 502.60 dn 1.00