By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, July 9 (MarketsFarm) – The ICE Futures canola market was stronger at midday Thursday, retesting chart resistance as uncertain North American weather forecasts provided support.
“Traders are cautious because the weather maps are shifting every time a new map is released,” said a trader, noting that the latest calls for drier weather in the United States Midwest were behind gains in soybeans that spilled into the canola market.
A weaker tone in the Canadian dollar, which was down by roughly a third of a cent, was also supportive.
However, soyoil was softer at midday, which tempered the upside in canola.
Technical resistance was also holding for the time being, with the November contract stalling around the C$482 per tonne mark.
Canadian weather was deemed as largely neutral, with recent rains generally beneficial for crops despite excessive moisture in some localized areas.
About 7,700 canola contracts traded as of 10:41 CDT.
Prices in Canadian dollars per metric tonne at 10:41 CDT:
Canola Nov 481.20 up 2.20
Jan 487.50 up 1.80
Mar 492.20 up 1.80
May 495.50 up 1.30