By Phil Franz-Warkentin, Commodity News Service Canada
WINNIPEG, Feb. 15 (CNS Canada) – ICE Futures Canada canola contracts were narrowly mixed at midday, with losses in the front months and a firmer tone in the new crop November contract as market appears to have run into upside resistance.
A softer tone in Chicago Board of Trade soyoil and strength in the Canadian dollar contributed to the bearishness in canola, according to participants. The large Canadian supply situation also weighed on values.
However, CBOT soybean futures were up at midday, which provided some underlying support.
Improving crush margins also supported the futures, although most of the current strength in the oilseed complex was stemming from the meal side of the equation.
About 10,000 canola contracts had traded as of 10:52 CST.
