By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, May 13 (MarketsFarm) – The ICE Futures canola market was narrowly mixed Wednesday morning, lacking any clear direction.
A firmer tone in Chicago Board of Trade soyoil futures provided some spillover support for canola in overnight activity. However, soyoil drifted below unchanged, while soybeans were also weaker in early activity.
Ample old crop supplies and relatively favourable spring seeding weather across most of the Prairies put some pressure on values, although the lack of farmer selling was somewhat supportive.
Bullish chart signals and good end-user demand also underpinned the canola market Wednesday morning.
About 2,750 canola contracts had traded as of 8:47 CDT.
Prices in Canadian dollars per metric ton at 8:47 CDT:
Price Change
Canola Jul 472.20 up 0.10
Nov 477.00 dn 0.10
Jan 482.70 dn 0.60
Mar 489.30 unchanged
