By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Feb. 6 (MarketsFarm) – ICE Futures canola contracts were posting small losses at midday Thursday, retreating from overnight gains.
After moving higher for the previous three sessions, the corrective bounce off of contract lows was running into resistance. Ample supplies and a lack of significant end user demand also weighed on prices.
However, canola does remain attractively priced compared to other oilseeds.
Soybean and soyoil futures at the Chicago Board of Trade were holding near unchanged at midday, providing little direction for canola. The Canadian dollar was also relatively steady.
About 14,000 canola contracts traded as of 10:45 CST.
Prices in Canadian dollars per metric tonne at 10:45 CST:
Price Change
Canola Mar 461.20 dn 0.50
May 470.40 dn 0.30
Jul 477.50 dn 0.10
Nov 484.70 dn 0.40
