By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Feb. 17 – (MarketsFarm) – The ICE Futures canola market was weaker at midday Thursday, with chart-based positioning a feature as an early move higher proved short-lived.
Losses in Chicago Board of Trade soyoil futures and a softer tone in crude oil added to the weakness in canola, although soybeans were holding near unchanged at midday.
Ongoing concerns over tight canola supplies and the need to ration demand continued to underpin the market, although end-users are thought to be well covered for the time being with basis levels softening in the countryside.
The Canadian dollar was holding steady at midday, providing little direction.
About 9,000 canola contracts traded as of 10:53 CST.
Prices in Canadian dollars per metric tonne at 10:53 CST:
Price Change
Canola Mar 1,000.70 dn 8.50
May 995.00 dn 5.70
Jul 972.70 dn 3.70
Nov 844.50 dn 4.50
