By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Jan. 13 (MarketsFarm) – ICE Futures canola contracts were narrowly mixed at midday Monday, with the bias to the downside in the most active contracts.
Losses in Chicago Board of Trade soyoil and soybeans put some spillover pressure on values, but canola was lagging the soy market to the downside.
“Selling interest is a little thin,” said a trader on the relative strength in canola. In addition to a slowdown in fund and farmer selling, he thought some export demand was also finding its way to the market.
However, chart resistance was holding to the upside, while crush margins have also come off their nearby highs.
About 9,000 canola contracts traded as of 10:36 CST.
Prices in Canadian dollars per metric tonne at 10:36 CST:
Price Change
Canola Mar 483.90 dn 0.10
May 492.20 dn 0.50
Jul 497.70 unchanged
Nov 499.30 up 0.50
