By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Nov. 18 (MarketsFarm) – The ICE Futures canola market was narrowly mixed Thursday morning, continuing to consolidate right below nearby highs.
Early strength in the Chicago Board of Trade soy complex and a softer tone in the Canadian dollar provided some underlying support. European rapeseed and Malaysian palm oil futures were also higher overnight.
Transportation issues in British Columbia were keeping some caution in the market, as flooding and landslides have hampered rail movement in and out of the Port of Vancouver.
Canada’s tight supply situation remained a supportive influence, although prices may be high enough to ration demand with canola looking expensive compared to other oileeds.
About 4,300 canola contracts had traded as of 8:48 CST.
Prices in Canadian dollars per metric ton at 8:48 CST:
Price Change
Canola Jan 1,007.20 up 3.50
Mar 986.40 up 1.30
May 955.10 dn 0.70
Jul 918.50 dn 2.20
