By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, May 30 (MarketsFarm) – The ICE Futures canola market was holding near unchanged at midday Thursday, seeing some consolidation after trending higher for the past week.
Continued strength in Chicago Board of Trade soybeans accounted for some of the spillover buying interest in canola, as speculators on both sides of the border covered their large net short positions.
Dryness concerns in parts of Western Canada were also supportive, with many areas of Saskatchewan and Alberta in need of precipitation.
However, ongoing uncertainty over Canada’s trade dispute with China kept some caution in the market. Increased farmer hedges and a softer tone in CBOT soyoil also weighed on values.
About 15,000 canola contracts traded as of 10:55 CDT.
Prices in Canadian dollars per metric tonne at 10:55 CDT:
Price Change
Canola Jul 458.70 up 0.60
Nov 472.30 dn 0.10
Jan 476.40 dn 0.50
Mar 479.90 dn 0.80
