By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Aug. 13 (MarketsFarm) – The ICE Futures canola market was holding near unchanged at midday Thursday, lacking any clear direction.
Chicago Board of Trade soybean and soymeal futures were stronger at midday, which provided some spillover support. However, soyoil was weaker.
Speculators were on the sell side, liquidating some of their long positions, according to a broker. A firmer tone in the Canadian dollar also put some pressure on values.
Swathing of canola fields is reportedly underway in some areas, but the actual harvest has yet to get started in earnest with most attention still on cereal crops, said the broker.
About 7,400 canola contracts traded as of 10:43 CDT.
Prices in Canadian dollars per metric tonne at 10:43 CDT:
Canola Nov 485.60 up 0.20
Jan 491.80 up 0.50
Mar 495.10 dn 0.20
May 498.70 up 0.40
Futures Prices as of August 13, 2020
Prices are in Canadian dollars per metric ton