By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Feb. 2 – (MarketsFarm) – The ICE Futures canola market was mixed at midday Wednesday, with losses in the most active old crop contracts and a firmer tone in the more deferred months.
While a firmer tone in Chicago Board of Trade soybeans and soyoil provided some underlying support, a trader noted that canola had been overpriced relative to the soy complex and the spreads between the two oilseeds were now seeing some readjustment.
Tight old crop canola supplies remained supportive, although demand is being rationed at current price levels.
The Canadian dollar was holding steady at midday, providing little direction.
About 11,500 canola contracts traded as of 10:57 CST.
Prices in Canadian dollars per metric tonne at 10:57 CST:
Price Change
Canola Mar 1,018.80 dn 3.20
May 1,004.70 dn 4.00
Jul 980.40 dn 3.60
Nov 844.00 up 0.60
