ICE canola mixed at midday Wednesday

By Phil Franz-Warkentin

Glacier FarmMedia | MarketsFarm — The ICE Futures canola market was mixed at midday Wednesday, consolidating near major chart resistance.

Follow-through selling after Tuesday’s downturn had weighed on canola in early activity, but the market was correcting off its session lows as the day progressed. End user bargain hunting and speculative short covering provided support, helping take the front months above unchanged on the day.

Losses in Chicago soyoil remained a bearish influence, while European rapeseed was higher.

The advancing canola harvest remained a bearish influence in the background, with generally warm and dry weather conditions across Western Canada allowing farmers to make good progress.

An estimated 37,100 canola contracts traded as of 10:41 CDT.

Prices in Canadian dollars per metric tonne at 10:41 CDT:

Canola            Nov   618.10    up  1.60

Jan   628.70    up  0.90

Mar   638.50    dn  0.30

May   645.40    dn  0.90