By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Feb. 13 (MarketsFarm) – The ICE Futures canola market was posting small losses at midday Monday, taking some direction from Chicago soyoil.
Malaysian palm oil was also down in overnight trade, but European rapeseed and Chicago soybeans moved higher.
Canola was holding within a narrow trading range from a chart perspective, with speculative positioning a feature as investors were on both sides of the market.
Wide crush margins remained a supportive influence, with canola attractively priced from an end user’s perspective. Meanwhile, relatively mild Prairie temperatures were expected to be encouraging some farmer deliveries.
About 18,100 canola contracts traded as of 10:55 CST.
Prices in Canadian dollars per metric tonne at 10:55 CST:
Canola Mar 828.70 dn 3.50
May 820.90 dn 3.70
Jul 817.40 dn 3.90
Nov 795.40 dn 5.60
