By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Oct. 20 (MarketsFarm) – The ICE Futures canola market was mixed at midday Thursday, backing away from earlier gains as investors continued to roll their positions out of the nearby November contract.
Bullish chart signals and gains in Chicago soyoil had provided early support for canola, with historically wide crush margins and a lack of significant farmer selling as seasonal harvest pressure subsides also supportive.
However, while soybeans remained pointed higher at midday, soyoil retreated below unchanged which dragged on the canola market.
Strength in the Canadian dollar, which was up by about a third of a cent relative to its United States counterpart, also weighed on values.
About 19,600 canola contracts traded as of 10:43 CDT.
Prices in Canadian dollars per metric tonne at 10:43 CDT:
Canola Nov 871.20 up 1.50
Jan 870.90 up 0.50
Mar 873.30 dn 0.40
May 875.70 dn 0.30
