By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Nov. 23 (MarketsFarm) – The ICE Futures canola market was mixed at midday Tuesday in activity described as “very choppy and erratic” by a trader.
He added that “the oilseeds have shifted into neutral,” lacking any clear direction as investors wait for a fresh market-moving catalyst.
Chicago Board of Trade soyoil futures were firmer at midday, which provided some support for canola. However, soybeans were lower.
Small bouts of speculative profit-taking were keeping a lid on the upside in canola, but the trader added that the underlying fundamentals of tight supplies remained supportive overall.
Markets in the United States will be closed Thursday for Thanksgiving, keeping some caution in the grains and oilseeds ahead of the holiday. Canola will trade its usual hours through the week.
About 10,200 canola contracts traded as of 10:41 CST.
Prices in Canadian dollars per metric tonne at 10:41 CST:
Price Change
Canola Jan 1,021.90 up 0.10
Mar 995.10 dn 1.90
May 959.70 dn 3.70
Jul 917.30 dn 5.30
