By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Jan. 13 (MarketsFarm) – The ICE Futures canola market was bouncing around both sides of unchanged Wednesday morning in choppy activity after hitting fresh contract highs overnight. The most active front months were lower in early activity, while the new crop contracts held onto gains as the spreads saw some adjustment.
Canola was due for some consolidation from a chart standpoint amid ideas the market was looking overdone to the upside.
Losses in Chicago Board of Trade soybeans and soyoil also put some spillover pressure on the market.
However, canola remains attractively priced relative to other oilseeds, and it lagged soybeans to the downside. Tightening canola stocks and the need to ration demand going forward remained a major supportive influence.
About 8,500 canola contracts had traded as of 8:53 CST.
Prices in Canadian dollars per metric ton at 8:53 CST:
Canola Mar 686.00 dn 0.90
May 668.40 dn 0.60
Jul 651.70 dn 0.50
Nov 549.20 up 1.30
Commodity Future Prices
Prices are in Canadian dollars per metric ton