By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Oct. 24 (MarketsFarm) – The ICE Futures canola market was mixed at midday Monday, with the bias to the downside in the most active months.
Losses in Chicago soybeans accounted for some spillover selling pressure in the canola market, but a firmer tone in the front-month soyoil contracts provided underlying support.
There were no changes for canola in updated supply/demand estimates from Agriculture and Agri-Food Canada released Oct. 21, with ending stocks for the 2022/23 marketing year left at 500,000 tonnes.
With the canola harvest wrapped up across most of Western Canada, seasonal harvest pressure was thought to be subsiding. Historically wide crush margins and supportive chart signals also helped underpin the futures.
About 23,500 canola contracts traded as of 10:46 CDT.
Prices in Canadian dollars per metric tonne at 10:46 CDT:
Canola Nov 890.60 dn 8.30
Jan 877.60 dn 2.90
Mar 882.90 dn 1.40
May 886.70 dn 0.30
