By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, April 30 (MarketsFarm) – The ICE Futures canola market was mixed Friday morning, with gains in the old crop July contract and a steady to softer tone in the more deferred positions.
Canola has seen some wide price swings over the past week in choppy activity, and could be due for some consolidation as participants square positions on the last trading day of the month.
Gains in Chicago Board of Trade soyoil and ongoing concerns over tight old crop canola supplies provided some underlying support.
However, overbought price sentiment and a lack of fresh weather worries for the new crop put some pressure on values.
About 5,300 canola contracts had traded as of 8:43 CDT.
Prices in Canadian dollars per metric ton at 8:43 CDT:
Price Change
Canola Jul 847.10 up 4.30
Nov 690.30 up 0.40
Jan 685.90 dn 2.80
Mar 681.80 dn 3.00
