By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, April 11 (MarketsFarm) – ICE Futures canola contracts were holding steady Thursday morning, as the market continues to hold within a narrow trading range looking for some direction.
Chicago Board of Trade soybeans and soyoil were posting small losses to start the day, which put some spillover pressure on the Canadian oilseed.
Ongoing concerns over the lack of Chinese demand for Canadian canola also weighed on values.
The Canadian dollar was down by roughly a third of a cent relative to its United States counterpart, which provided some support on the other side.
A lack of significant farmer selling pressure and expectations for a reduction in seeded acres this spring also underpinned the market.
About 7,500 canola contracts had traded as of 8:47 CDT, with the May/July spread a feature as participants were busy rolling their positions out of the front month.
Prices in Canadian dollars per metric ton at 8:47 CDT:
Price Change
Canola Mar 456.20 up 0.20
May 463.70 unchanged
Jul 475.40 dn 0.10
Nov 481.30 dn 0.40
