By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Feb. 27 (CNS Canada) – ICE Futures Canada canola contracts were narrowly mixed at midday Tuesday, as conflicting outside forces pulled on the market.
“It’s in bit of a tug of war,” said a broker noting that losses in soyoil on the one side were being countered by weakness in the Canadian dollar on the other. Overall, crush margins were up slightly at midday, which was supportive for prices.
The nearby technical bias remains pointed higher as well, with fund traders reportedly adding to long positions.
However, farmer selling on the other side weighed on prices and helped take the front months below unchanged as some sell targets were being hit, according to the broker.
About 17,000 canola contracts had traded as of 10:47 CST. Intermonth spreading was a feature, as traders continued to exit the nearby March contract before its expiry.
