By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, June 5 (MarketsFarm) – The ICE Futures canola market was mixed Friday morning, retreating from overnight gains.
Advances in Chicago Board of Trade soybeans and soyoil provided some spillover support for canola, with bullish technical signals also keeping speculators on the buy side.
However, strength in the Canadian dollar weighed on values, with the currency jumping higher on some surprisingly positive jobs data.
Weather conditions remain relatively benign across most of Western Canada, although recent rainfall continues to slow seeding operations in northern Alberta while southern regions of the Prairies could use some moisture.
About 3,200 canola contracts had traded as of 8:51 CDT.
Prices in Canadian dollars per metric ton at 8:51 CDT:
Canola Jul 464.10 up 0.50
Nov 469.80 dn 1.00
Jan 476.30 dn 1.00
Mar 483.50 up 0.80