By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, April 13 (MarketsFarm) – The ICE Futures canola market was mixed Thursday morning, with gains in the front months and a softer tone in the new crop contracts.
European rapeseed and Malaysian palm oil futures were both lower on the day, accounting for some spillover selling pressure in the canola market. The Chicago soy complex was mixed, with gains in beans and meal, but overnight losses in soyoil.
Chart-based positioning was behind some of the activity in canola, as fund traders continued to exit their large short positions in the front months.
Attention is turning to North American weather conditions, with planting just a few weeks away in the Canadian Prairies.
About 14,900 canola contracts had traded as of 8:40 CDT.
Prices in Canadian dollars per metric ton at 8:40 CDT:
Canola May 781.20 up 10.20
Jul 744.30 up 2.20
Nov 700.70 dn 2.50
Jan 702.80 dn 2.50
