By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Feb. 12 (CNS Canada) – ICE Futures canola contracts were holding within a narrow range at midday Tuesday, with a slight bias to the upside as the market saw a modest correction after Monday’s declines.
“There’s not enough big fundamental news in canola by itself to really shift the market,” said a broker adding that the market was looking for direction. “It’s hard to see a big upside or downside in canola right now.”
Losses in soyoil put some pressure on prices, but canola lagged soyoil to the upside when it rallied over the past month and was now lagging to the downside, according to the trader.
Signs of improving export demand provided some support, although supplies remain more than sufficient to meet that demand.
About 11,000 canola contracts traded as of 10:25 CST, with intermonth spreading a feature.
Prices in Canadian dollars per metric tonne at 10:25 CST:
Price Change
Canola Mar 480.10 up 0.40
May 488.30 up 0.40
Jul 496.20 up 0.40
Nov 496.10 up 1.40
