By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Feb. 26 (MarketsFarm) – The ICE Futures canola market was firmer at midday Wednesday, seeing some consolidation after dropping to contract lows on Tuesday.
The market was thought to be looking oversold and due for a correction from a chart-standpoint, according to participants.
Gains in Chicago Board of Trade soybeans and a slightly softer tone in the Canadian dollar also provided some support.
However, CBOT soyoil remained under pressure and canola crush margins have deteriorated over the past month.
Ongoing concerns over the COVID-19 coronavirus outbreak and uncertainty over Canadian anti-pipeline blockades also kept some caution in the market.
About 23,000 canola contracts traded as of 10:41 CST.
Prices in Canadian dollars per metric tonne at 10:41 CST:
Canola Mar 449.50 up 1.70
May 457.80 up 1.50
Jul 465.50 up 2.20
Nov 476.40 up 2.70
Futures Prices as of February 26, 2020
Prices are in Canadian dollars per metric ton