By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, March 11 – (MarketsFarm) – The ICE Futures canola market was narrowly mixed at midday Friday, as traders adjusted positions ahead of the weekend.
Gains in Chicago Board of Trade soyoil futures provided some spillover support. However, soybeans were softer and the Canadian dollar was stronger at midday, which both weighed on values.
Ideas that canola remains underpriced compared to other oilseeds, despite its recent strength, provided underlying support as the market continues to work to ration demand.
Weekly Canadian canola exports of 76,800 tonnes were up slightly from the previous week, according to the latest Canadian Grain Commission report. However, total exports are still running well off the previous year’s pace with the 3.877 million tonnes exported-to-date roughly half of what moved during the same time the previous year.
About 7,100 canola contracts traded as of 10:47 CST.
Prices in Canadian dollars per metric tonne at 10:47 CST:
Price Change
Canola May 1,130.20 dn 0.50
Jul 1,097.50 up 1.10
Nov 929.50 up 3.00
Jan 927.60 up 2.50
