ICE canola mixed in choppy trade

By Phil Franz-Warkentin

Glacier FarmMedia MarketsFarm – The ICE Futures canola market was narrowly mixed Wednesday morning in choppy trade.

Gains in European rapeseed and Malaysian palm oil provided some spillover support, with weakness in the Canadian dollar also underpinning the futures.

However, soybeans and soyoil at the Chicago Board of Trade were weaker in early activity.

From a chart standpoint canola continued to trade just below major resistance, with the new crop November contract holding below the psychological C$700 per tonne level.

Manitoba’s canola crop was 41 per cent seeded in the latest weekly provincial report, with heavy rains over the past weekend causing some delays.

About 7,300 canola contracts had traded as of 8:40 CDT.

Prices in Canadian dollars per metric ton at 8:40 CDT:

Canola            Jul   667.90    dn  0.80

Nov   689.90    dn  0.30

Jan   697.70    dn  0.50

Mar   705.70    up  0.30

Source: MarketsFarm (Phil Franz-Warkentin, [email protected], or 204-414-9084)