By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, March 18 (MarketsFarm) – ICE Futures canola contracts were narrowly mixed Monday morning, with losses in the front months and a firmer tone in the new crop contracts.
Chicago Board of Trade soybean futures were weaker to start the day, which put some spillover pressure on canola. Strength in the Canadian dollar and large old crop supplies also weighed on values.
Ongoing concerns over Chinese demand, amid an ongoing diplomatic dispute between Canada and China, also kept some caution in the canola market.
However, canola is looking attractively priced for end users, keeping some end-user bargain hunting in the market. Chart support was also holding to the downside, with signs from a technical standpoint that a nearby low may be in for the time being.
About 3,500 canola contracts had traded as of 8:59 CDT.
Prices in Canadian dollars per metric ton at 8:59 CDT:
Price Change
Canola Mar 464.20 dn 0.60
May 472.30 dn 0.60
Jul 483.80 up 0.40
Nov 489.60 up 0.40
