By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Nov. 16 (MarketsFarm) – The ICE Futures canola market was mixed at midday Wednesday, with a small gain in the nearby January contract and losses in the more deferred positions.
A lack of significant farmer selling pressure coupled with solid end user demand accounted for much of the strength in the front month, according to a trader. He added that wide crush margins, despite recent weakness in Chicago soyoil futures, were contributing to the relative strength in canola.
Soybean and soyoil futures at the Chicago Board of Trade were both weaker at midday, putting some pressure on canola. Malaysian palm oil was also weaker overnight, although European rapeseed futures held onto gains.
About 19,200 canola contracts traded as of 10:49 CST.
Prices in Canadian dollars per metric tonne at 10:49 CST:
Canola Jan 894.80 up 0.20
Mar 881.00 dn 3.60
May 880.10 dn 5.00
Jul 880.50 dn 5.90
