By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Feb. 4 – (MarketsFarm) – The ICE Futures canola market was mixed at midday Friday, with losses in the front months and a firmer tone in the new crop contracts as traders adjusted positions ahead of the weekend.
Activity at the Chicago Board of Trade was also choppy, providing little clear direction for canola. Soybeans were posting small gains by midday, while soyoil was still slightly softer.
The Canadian dollar was down by half a cent relative to its United States counterpart, which was somewhat supportive for canola.
Tight old crop canola supplies also remained supportive, although demand is being rationed at these price levels with exports running well behind the year-ago pace.
About 8,700 canola contracts traded as of 10:49 CST.
Prices in Canadian dollars per metric tonne at 10:49 CST:
Price Change
Canola Mar 1,023.10 dn 1.00
May 1,008.80 dn 1.40
Jul 982.10 unchanged
Nov 838.90 up 1.00
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