By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Jan. 19 (MarketsFarm) – The ICE Futures canola market was mostly lower Thursday morning, backing away from overnight gains as the market remains stuck in a sideways trading range.
The Chicago soy complex was mixed in early activity, providing little direction as soybeans were lower but soyoil was slightly firmer. Outside markets were also mixed, with European rapeseed futures softer, crude oil higher, and Malaysian palm oil relatively steady.
Talk that China may be in the market looking to buy more Canadian canola was slightly supportive, although there was no confirmation of any fresh export demand.
About 11,500 canola contracts had traded as of 8:45 CST.
Prices in Canadian dollars per metric ton at 8:45 CST:
Canola Mar 835.10 dn 1.60
May 834.60 dn 1.30
Jul 835.70 dn 1.70
Nov 815.40 dn 2.40
