By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, May 19 (MarketsFarm) – The ICE Futures canola market was narrowly mixed at midday Tuesday, as investors adjusted positions after the Victoria Day holiday.
Losses in the Chicago Board of Trade soy complex put some spillover pressure on the canola on Tuesday, but soybeans and soyoil were stronger Monday when the canola market was closed.
Soyoil futures hit their best levels in a month on Monday as gains in crude oil and Malaysian palm oil supported the vegetable oil markets in general. Prices are still well above Friday’s close, despite the modest profit-taking correction.
Relatively favourable weather conditions should allow farmers to make good seeding progress in Manitoba and Saskatchewan over the next week. However, rainfall in Alberta could lead to delays there, keeping some weather premiums in the market.
The Canadian dollar was stronger at midday, moving above 72 U.S. cents for the first time in two-and-a-half weeks.
About 9,500 canola contracts traded as of 10:37 CDT.
Prices in Canadian dollars per metric tonne at 10:37 CDT:
Price Change
Canola Jul 471.90 dn 0.40
Nov 478.80 up 0.20
Jan 485.20 up 0.20
Mar 491.20 up 0.80
