By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Oct. 30 (MarketsFarm) – The ICE Futures canola market was mixed midday Monday, trading to both sides of unchanged in choppy activity.
While gains in Chicago soyoil provided some spillover support, soybeans were lower. European rapeseed and Malaysian palm oil futures were also down on the day, with declines in crude oil accounting for some of the bearish sentiment in those markets.
Historically wide crush margins and solid demand from domestic processors provided underlying support for canola, according to a trader. However, he noted that export demand was lacking as line companies were focused on moving other crops for the time being.
The Canadian dollar was firmer at midday.
An estimated 24,800 canola contracts traded as of 10:45 CDT.
Prices in Canadian dollars per metric tonne at 10:45 CDT:
Canola Nov 678.30 dn 4.20
Jan 694.20 up 1.00
Mar 703.00 up 0.70
May 709.30 up 0.50
