By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, May 25 (MarketsFarm) – The ICE Futures canola market was mixed Thursday morning, recovering from overnight losses as gains in Chicago soyoil provided spillover support.
European rapeseed and Malaysian palm oil futures were also higher.
Good seeding progress across the Prairies and improving moisture conditions in some areas accounted for some selling pressure, with recent losses also bearish from a chart standpoint.
However, the most-active months uncovered support to the downside and were seeing a modest correction. The July contract had settled below the psychological C$700 per tonne level on Wednesday but was back testing that key chart point Thursday morning.
About 12,700 canola contracts had traded as of 8:50 CDT.
Prices in Canadian dollars per metric ton at 8:50 CDT:
Canola Jul 700.20 up 2.10
Nov 660.50 dn 0.10
Jan 663.30 dn 0.70
Mar 669.30 up 0.50
