By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, May 22 (MarketsFarm) – The ICE Futures canola market was posting small losses at midday Friday, although activity was thin and choppy as values stabilized after Thursday’s larger drop.
Declines in Chicago Board of Trade soyoil futures put some pressure on values, although any spillover weakness from that was countered by the softer tone in the Canadian dollar, according to a broker.
Mixed weather conditions across the Prairies kept some caution in the market, with relatively favourable conditions in the eastern parts of the region and rain delays in Alberta.
United States markets will be closed Monday for Memorial Day, while canola will trade its usual hours. Positioning ahead of the U.S. long weekend was a feature.
About 6,700 canola contracts traded as of 10:42 CDT.
Prices in Canadian dollars per metric tonne at 10:42 CDT:
Canola Jul 467.10 dn 0.10
Nov 473.80 dn 0.30
Jan 480.30 dn 0.30
Mar 485.80 dn 0.50