By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, March 3 (MarketsFarm) – The ICE Futures canola market was narrowly mixed Wednesday morning, seeing some consolidation after Tuesday’s rally.
Strong demand for tight old crop supplies remained the key supportive influence in canola, as the market continues to work to ration that buying interest.
A move to fresh contract highs in European rapeseed futures in overnight trade was also supportive.
However, early declines in the Chicago Board of Trade soy complex put some pressure on the Canadian oilseed and canola drifted below unchanged in the most active May contract.
About 1,700 canola contracts had traded as of 8:39 CST.
Prices in Canadian dollars per metric ton at 8:39 CST:
Canola May 752.30 dn 0.50
Jul 716.90 up 1.30
Nov 602.60 up 1.40
Jan 605.00 up 0.90