By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, July 6 – (MarketsFarm) – ICE Futures canola contracts were trading to both sides of unchanged on Wednesday in choppy activity, although the bias was to the downside in the most active contracts.
Continued losses in Chicago soyoil weighed on the canola market, with crude oil and Malaysian palm oil also weaker. However, gains in European rapeseed and losses in the Canadian dollar provided some underlying support.
End user buying underneath the market and a lack of significant farmer selling also helped temper the declines in canola amid ideas that the recent losses were starting to look overdone.
Mixed weather across the Canadian Prairies kept some caution in the market, although conditions remain relatively favourable for crop development.
About 16,700 canola contracts traded as of 10:47 CDT.
Prices in Canadian dollars per metric tonne at 10:47 CDT:
Canola Nov 827.60 dn 1.00
Jan 835.40 dn 1.00
Mar 843.00 dn 0.90
May 850.00 up 0.10
