By Phil Franz-Warkentin, MarketsFarm
WINNIPEG, Jan. 16 (MarketsFarm) – ICE Futures canola contracts were bouncing around both sides of unchanged in choppy activity on Thursday, seeing some consolidation after dropping sharply the previous session.
While Chicago Board of Trade soybeans and soyoil remained pointed lower, canola found some independent support on ideas that it was looking cheap compared to other oilseed markets.
A lack of significant farmer selling, as cold Prairie weather slows country movement, was also slightly supportive, according to participants.
However, ample old crop supplies and slow export demand continued to weigh on values. Recent losses were also bearish from a chart standpoint.
About 9,000 canola contracts traded as of 10:41 CST.
Prices in Canadian dollars per metric tonne at 10:41 CST:
Canola Mar 475.50 dn 0.30
May 484.70 dn 0.30
Jul 490.20 dn 0.20
Nov 494.50 up 0.70
Futures Prices as of January 16, 2020
Prices are in Canadian dollars per metric ton