By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, April 26 (MarketsFarm) – ICE Futures canola contracts were narrowly mixed Friday morning, with losses in the front months and a firmer tone in the more deferred positions.
Early weakness in the Chicago Board of Trade soy complex and a firmer tone in the Canadian dollar put some pressure on canola values to start the day.
Poor export demand and ongoing concerns over Canadian trade relations with China also weighed on values, according to participants.
However, recent losses were thought to be looking overdone, with Thursday’s gains somewhat constructive from a chart standpoint.
Expectations for a reduction in seeded acres this spring also provided some support.
About 10,000 canola contracts had traded as of 8:52 CDT.
Prices in Canadian dollars per metric ton at 8:52 CDT:
Price Change
Canola May 441.80 dn 0.60
Jul 450.40 dn 0.90
Nov 463.70 unchanged
Jan 470.90 up 0.40
