ICE canola mixed in choppy early trade

By Phil Franz-Warkentin

Glacier FarmMedia | MarketsFarm — The ICE Futures canola market was trading to both sides of unchanged in choppy activity Wednesday morning, seeing some consolidation amid ideas sharp losses posted earlier in the week were overdone.

Tightening supplies and the need to ration demand remained supportive for canola. Weakness in the Canadian dollar and a firm tone in European rapeseed also underpinned the market.

However, the looming threat of United States tariffs — set to come into effect next week — remained a bearish influence overhanging the market. Losses in Chicago soyoil and soybeans also weighed on values.

About 10,200 canola contracts had traded as of 8:48 CST.

Prices in Canadian dollars per metric ton at 8:48 CST:

Canola            Mar   644.60    dn  1.70

May   656.90    dn  0.10

Jul   664.10    up  0.50

Nov   648.00    up  0.30