By Phil Franz-Warkentin
Glacier FarmMedia MarketsFarm – The ICE Futures canola market was lacking any clear direction Friday morning in choppy trade, seeing some consolidation ahead of the weekend.
After posting losses in overnight activity, canola managed to move back towards unchanged with gains in Chicago soyoil providing spillover support. European rapeseed was also higher, while Malaysian palm oil held relatively steady.
Recent weakness in the canola market was thought to be bringing in some export demand, although any strength on the other side was likely being met by increased farmer selling.
The March contact was facing chart resistance around the C$600 per tonne level, after falling below that psychological point earlier in the week.
About 15,800 canola contracts had traded as of 8:51 CST. Intermonth spreading was a feature of the activity, as participants continued to roll their positions out of the March contract and into May.
Prices in Canadian dollars per metric ton at 8:51 CST:
Canola Mar 596.10 up 0.40
May 604.10 dn 0.30
Jul 609.90 dn 0.40
Nov 608.60 dn 1.40
