By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, July 7 (MarketsFarm) – The ICE Futures canola market was narrowly mixed at midday Tuesday, with a firmer tone in the most active months.
Gains in Chicago Board of Trade soyoil and a slightly softer tone in the Canadian dollar provided some underlying support for canola, with crush margins showing some improvement.
Persistent weather concerns in parts of Western Canada were also supportive, with heavy rains and thunderstorm activity expected to cause damage in parts of Alberta and Saskatchewan.
However, chart resistance was holding to the upside at midday, as the November contract continued to fail in its attempts at holding above C$480 per tonne.
Losses in CBOT soybeans also put some pressure on values.
About 7,000 canola contracts traded as of 10:31 CDT.
Prices in Canadian dollars per metric tonne at 10:31 CDT:
Canola Nov 479.40 up 0.70
Jan 485.60 up 0.60
Mar 490.20 up 0.40
May 494.00 dn 0.20