By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, July 28 (MarketsFarm) – The ICE Futures canola market was weaker at midday Wednesday in thin and choppy activity.
The market was holding range-bound overall, with traders waiting to get a better handle on the size of this year’s crop.
While hot and dry Prairie weather conditions remain a supportive influence, those drought concerns have been largely priced into the market already, according to a trader.
Chicago Board of Trade soyoil futures were up at midday, which provided some underlying support for canola. However, Malaysian palm oil was weaker in overnight activity.
The Canadian dollar was holding relatively steady, providing little direction.
About 8,200 canola contracts traded as of 10:36 CDT.
Prices in Canadian dollars per metric tonne at 10:36 CDT:
Canola Nov 892.00 dn 2.40
Jan 875.90 dn 3.60
Mar 859.60 dn 2.50
May 839.50 dn 2.50
Futures Prices as of July 28, 2021
Prices are in Canadian dollars per metric ton