By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, July 6 (MarketsFarm) – The ICE Futures canola market was narrowly mixed Thursday morning, seeing some consolidation after Wednesday’s rally.
While hot and dry long-range forecasts helped keep a weather premium in the market, recent gains were thought to be looking overdone.
Losses in Chicago soyoil futures were also putting some pressure on the canola market, although European rapeseed and Malaysian palm oil markets were mixed in overnight trade.
The Canadian dollar was slightly softer in early activity.
About 12,300 canola contracts had traded as of 8:43 CDT.
Prices in Canadian dollars per metric ton at 8:43 CDT:
Canola Nov 763.60 up 0.50
Jan 766.70 dn 1.20
Mar 769.20 dn 2.30
May 771.50 dn 2.60
