By Phil Franz-Warkentin, MarketsFarm
WINNIPEG (MarketsFarm) – ICE Futures canola contracts were narrowly mixed Thursday morning in thin and choppy activity, as the market continues to consolidate right above major support.
Solid buying came forward late in the day on Wednesday, which was seen as a sign that a low may be in for the time being, according to participants.
End-user bargain hunting and early weakness in the Canadian dollar also provided some underlying support for canola.
However, soyoil futures at the Chicago Board of Trade were softer to start the day.
Large canola supplies and concerns over a burdensome carryout heading into the 2019/20 crop year also pressured values, with the new crop November contract posting small losses.
About 6,200 canola contracts had traded as of 8:51 CDT.
Prices in Canadian dollars per metric ton at 8:51 CDT:
Canola Mar 459.10 up 0.80
May 467.50 up 0.40
Jul 480.20 dn 0.60
Nov 487.00 up 0.30