By Phil Franz-Warkentin
Glacier FarmMedia MarketsFarm – The ICE Futures canola market was stronger at midday Tuesday, although activity was choppy with values moving within a wide range.
The nearby March contract traded to both sides of unchanged in a C$9 per tonne range, lacking any clear direction as it reacted to outside influences.
“We went down and then we came back up, but I don’t know if we know where we’re going,” said a trader on the day’s canola trade.
Weakness in the Canadian dollar and an attempt at moving higher in Chicago soyoil provided some underlying support, but losses in soybeans and large amounts of unpriced canola overhanging the market weighed on the other side.
An estimated 37,700 canola contracts traded as of 10:50 CST.
Prices in Canadian dollars per metric tonne at 10:50 CST:
Canola Mar 592.90 up 1.90
May 599.90 up 1.30
Jul 606.50 up 2.00
Nov 606.50 up 1.60
