By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Feb. 3 – (MarketsFarm) – The ICE Futures canola market was steady to lower at midday Thursday, with the nearby March contract holding near unchanged and losses in the more deferred positions.
Activity was choppy, with a mixed tone in the Chicago Board of Trade soy complex contributing to the lack of direction in the Canadian oilseed, according to a broker.
Soymeal was firm and soybeans were holding near unchanged, but soyoil was down at midsession.
Tight old crop canola supplies remained supportive, but a trader noted that demand was being rationed at current levels and prices may need to move lower in order to encourage more demand and trigger another break higher.
The Canadian dollar was holding steady at midday, providing little direction.
About 9,500 canola contracts traded as of 10:48 CST.
Prices in Canadian dollars per metric tonne at 10:48 CST:
Price Change
Canola Mar 1,022.50 unchanged
May 1,008.30 dn 0.80
Jul 980.90 dn 2.20
Nov 839.10 dn 5.70
