ICE canola mixed at midday Wednesday

By Phil Franz-Warkentin

Glacier FarmMedia | MarketsFarm — The ICE Futures canola market was narrowly mixed at midday Wednesday, with the old crop July contract showing some strength and the new crop months posting small losses.

July canola was trading just below C$700 per tonne at midday, running into resistance after an earlier attempt at moving above that key chart point.

Tightening supplies and the need to ration demand ahead of the new crop harvest remained supportive for the front month. Weather uncertainty for the new crop was also underpinning the deferred contracts.

Chicago soyoil was slightly softer on the day, while soybeans moved higher. European rapeseed, Malaysian palm oil and crude oil were weaker, and the Canadian dollar was stronger.

An estimated 24,200 canola contracts traded as of 10:47 CDT.

Prices in Canadian dollars per metric tonne at 10:47 CDT:

Canola            Jul   699.20    up  0.50

Nov   679.60    dn  0.60

Jan   686.80    dn  0.40

Mar   693.20    dn  0.20