By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, July 27 (MarketsFarm) – The ICE Futures canola market was narrowly mixed at midday Monday, running into some resistance after hitting fresh six-month highs in early activity.
The November contract neared C$490 per tonne, marking its best level since January 2020. However, the futures ran into resistance and values backed away from their highs.
Losses in Chicago Board of Trade soyoil and a firmer tone in the Canadian dollar put some pressure on crush margins, which weighed on values.
Weather conditions remain mixed across Western Canada, providing some underlying support.
About 12,000 canola contracts traded as of 10:51 CDT.
Prices in Canadian dollars per metric tonne at 10:51 CDT:
Price Change
Canola Nov 487.80 up 0.10
Jan 494.40 unchanged
Mar 499.00 dn 0.20
May 502.20 up 0.10
